Question

Credit can play a positive role. I justify the statement with arguments

Answer 1

Explanation:

Credit' refers to an agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future payment. Credit plays a vital and positive role as : (i) Credit helps people from all walks of life in setting up their business, increase their income and support their families.

Answer 2

Credits have an important role to play in the development of business and its growth. The credit facility is important for role for business and farmers in the country

Explanation:

• Credit helps the people with their business and the farmers in the rural areas to get loans for increasing their production. The credit facilities initiates an increase in the level of spending which eventually increases the growth of the economy.  
• The credit facilities are given by the banks to the business start ups,  developing industries, trading and for farming activities. It helps in increasing the level of production and provides more profits to the companies.  
• Credit facilities  lead to an increase the income levels of the people and gives them more financial power for spending. People avail the credit facilities for improving their standards of living by buying a car, house and other commodities to be paid back as EMIs at a later date.

To know more about credit facility

What are the merits and demerits of credit facilities

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