Why is cheap and affordable credit crucial for the country's development?
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V s commented 2 year(s) ago
Why cheap and affordable cridet is crucial for our country development.
Why cheap and affordable cridet is crucial for our country development.
person
Asked by Aditya
Dec 16
3 Likes 11191 views
1 Answers
Top Recommend | Recent
person
Aruna kumari , SubjectMatterExpert
Member since May 13 2014
Cheap and affordable credit is crucial for the country's development due to the following factors:
More lending would lead to higher incomes and encourage people to invest in agriculture, engage in business and set up small scale industries.
Cheap credit means more income would be left with the borrower to reinvest rather than return as interest. This leads to acceleration of economic activity.
Cheap credit would also allow weaker sections of society to enter formal sector of lending and rid them of exploitation at the hands of informal moneylenders.
Affordable credit would also end the cycle of debt trap and lead to sustainable economic activity that would allow borrowers to invest in better technology to make their business more competitive.
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V s commented 2 year(s) ago
Why cheap and affordable cridet is crucial for our country development.
Why cheap and affordable cridet is crucial for our country development.
person
Asked by Aditya
Dec 16
3 Likes 11191 views
1 Answers
Top Recommend | Recent
person
Aruna kumari , SubjectMatterExpert
Member since May 13 2014
Cheap and affordable credit is crucial for the country's development due to the following factors:
More lending would lead to higher incomes and encourage people to invest in agriculture, engage in business and set up small scale industries.
Cheap credit means more income would be left with the borrower to reinvest rather than return as interest. This leads to acceleration of economic activity.
Cheap credit would also allow weaker sections of society to enter formal sector of lending and rid them of exploitation at the hands of informal moneylenders.
Affordable credit would also end the cycle of debt trap and lead to sustainable economic activity that would allow borrowers to invest in better technology to make their business more competitive.
Plz mark as brainliest if u found it helpful
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