cheap and affordable credit is crucial for the country's development in this context banks and cooperatives can play a major role. state this statement.
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This would lead to higher incomes and many people could then borrow cheaply for a variety of needs.
• They could grow crops, do business, set up small scale industries etc.
• Cheap credit will enable more investment. This leads to acceleration of economic activity.
• Cheap credit would also allow weaker sections of society to access formal sector of lending and get rid of from informal moneylenders.
• Affordable credit would also end the cycle of debt trap.
• Cheap and easy terms of credit would inspire better investment in technology and thus increase competition.
• They could set up new industries or trade. All these lead to the country’s development.
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