Question

what is the role of cradit for development? ?

Answer 1

ĀNSWĒR ⏬⏬

⭕ CREDIT :

$a \: way \: of \: buying \\ \: goods or \: services \: and \: \\ not \: paying \: for \: them \: until \: later$


✨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.

✨Credit is the money needed to change life in positive manner by many people.

✨I t essential for obvious things like qualifying for a loan or getting a credit card, but also for less obvious things like getting cellular telephone service, renting a car,etc

✨For example, the credit terms might be 2/10, net 30. This means the amount is due in 30 days; however, if the amount is paid in 10 days a discount of 2% will be permitted.

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✌✌

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Answer 2

HEYA..

HERE IS YOUR ANSWER...

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. However, caution must be exercised in the case of loans from the informal sector which include high interest rates that may be more harmful than good.

For this reason, it is important that the formal sector gives out more loans so that borrowers are not duped by moneylenders, and can ultimately contribute to national development.

For example- a loan given to a fresh post-graduate for setting up a business might contribute to employment generation, infrastructure development in the near future.

IT MAY HELP YOU..