Question

Why is cheap and affordable credit important for the country’s development ? Explain
any three reasons.
plz ans fast

Answer 1

cheap and affordable credit is important for a country's development because:

1. It will lead to the end of the cycle of debt trap.

2. It will lead to sustainable economical activity.

3. It would allow borrowers to invest in better technology to make their business more competitive.

Answer 2

more lending would lead to higher income and encourage people to invest in agriculture ,business..etc.

it also hepls people of weaker sections to escape from the exploitation of the informal credit

cheap credit also helps in enclosing of Dept trap