Explain in brief the role of credit for development
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Cheap and affordable credit plays a crucial role in the country's devlopment . There is huge demand of loan for various economic activity. The credit helps people to meet the on going expenses of production and thereby devlop their bussiness. Many people then could borrow for variety of needs. They could grow crops, do bussiness, set up industries etc.
In this way Credit plays a vital role in the development of the country.
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In this way Credit plays a vital role in the development of the country.
Hope this helps you If it helps please mark it as brainliest answer
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Answer:
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Explanation:
1. Credit meets the working capital for production.
2. Credit helps the producers to meet the ongoing expenses of production.
3.Farmers and industrialists need credit to expand their business and to purchase new tools and equipments.
4. With the help of credit a person can purchase a house, bike, car and other house hold implements.
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