Why credit a crucial element in the economic development?
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Answer:
Explanation:
Credit helps a person to meet working capital needs.
It helps to increase one's income.
It helps people to set up new businesses.
It increases one's profit.
It helps to increase GDP of the nation.
It reduces unemployment and increases standard of living.
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It will reduce the dependence of poor on informal sources of credit
It will help the poor in rural and urban areas to start self employment Ventures
This will also improve the living standards of people by increasing their income level
Table credit would also and the cycle of debt trap
Credit will enable more investment
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