credit has its own unique role for development justify
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Answer:
Credit is an agreement in which the Lenders supplies the borrowers with money, goods and services in return for the promise of future payment.
Credit has its own unique role for development because of following reasons :
(i) Cheap and affordable credit lead to higher incomes and many people could then borrow cheaply for a variety of needs.
(ii) With credit people could grow crops, do business, set-up small scale industries etc.
(iii) People could set-up new industries or trade as well. All these activities lead to development of the country.
”Credit has its own unique role for development”
(a) Credit helps to increase earning and therefore a person is better off than before.
(b) Credit helps to earn money as well as the capital for the future.
(c) Credit helps in the development of infrastructure of the society that leads to the overall development.