Why is cheap and affordable credit important for the country’s development ? Explain
any three reasons
Answers
Cheap and affordable credit is important for the country's development because of the following reasons: (i) This would lead to higher incomes and many people could then borrow cheaply for a variety of needs. (ii) They could grow crops, do business, set up small scale industries etc.
Cheap and affordable credit is important for the country's development because of the following reasons: (i) This would lead to higher incomes and many people could then borrow cheaply for a variety of needs. (ii) They could grow crops, do business, set up small scale industries etc.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.
Cheap and affordable credit is important for the country's development because of the following reasons: (i) This would lead to higher incomes and many people could then borrow cheaply for a variety of needs. (ii) They could grow crops, do business, set up small scale industries etc.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 a crucial element in the economic development. Cheap and affordable credit plays a crucial role for the country's development. ... Loans and credits help middle class and lower class people to bring about major changes in their lives such as buying a car, constructing a house and etc.
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Answer:
Explanation:
Cheap and affordable credit is necessary for country’s development because
1)it helps the small scale manufacturers to invest in business by taking the loan at a very lower rate of interest.
2) it helps eradicating poverty and unemployment
3) it creates new opportunities for poor people to have a work.
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