Question

Why is cheap and affordable credit important for the country’s development.​

Answer 1

Answer:

Cheap and affordable credit is crucial for the country's development due to the following factors: ... 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.

Explanation:

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Answer 2

Explanation:

(i) Cheap and affordable credits would lead to higher income. (iii) It encourages people to invest in agriculture, do business and set up small scale industries etc. (iv) It enables more investment which will lead to acceleration of economic activities. (v) Affordable credit would also end the cycle of debt trap.

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