Question

"Cheap and affordable loans are essential for a country's development." Support the
statement with appropriate reasons.​

Answer 1

Explanation:

Importance of cheap and affordable credit for the country’s development:

• Cheap and affordable credits would lead to higher income.

• Many people could borrow for a variety of needs.

• It encourages people to invest in agriculture, do business and set up small scale industries, etc.

• It enables more investment which will lead to acceleration of economic activities.

• Affordable credit would also end the cycle of debt trap.

Hope it will help you.

Answer 2

●Importance of cheap and affordable credit for the country's development -●

☆(i) Cheap and affordable credits would lead to higher income.

☆(ii) Many people could borrow for a variety of needs

☆(iii) It encourages people to invest agriculture, do business and set up small scale industries etc.

☆(iv) It enables more investment which will lead to acceleration of economic activities.

☆(v) Affordable credit would also end the cycle of debt trap.