Question

Explain the role of credit for development? (3)

Answer 1

HEYA MATE!!!

(i) Credit plays a crucial role for the development.

(ii) It helps in increasing economic activities of the country; thus, helps in its development.

(iii) Credit helps the businessmen to expand their business.

(iv) If credit is made available to the poor people at reasonable rates, they can improve their economic condition. It will further improve their standard of living and overall development.

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Answer 2

Credit plays a crucial role in a country's development. By sanctioning loans to developing industries and trade, banks provide them with the necessary aid for improvement. This leads to increase in the production, profits and employment.

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