Question

Why is credit a crucial element in the economic development??

Answer 1

Hey there,

Credit is a crucial element in the economic development. Cheap and affordable credit plays a crucial role for the country’s development. Following are the reasons why,

1. Credit plays a major role in the development of a country of creating better facilities for agricultural and industrial activities.
2. Credit helps people from all walks of life in setting up their business and increase their earnings.
3. For middle-class people, loans help a lot in constructing their houses and get rid of monthly rents.
4. Credit or loans help in raising the standard of living and social status of the common man by enabling them to buy cars, scooters, televisions and other products.

I hope the answer is helpful.

Thanks

Answer 2

Hey,

here is your answer

Credit is a crucial element in the economic development. ... Credit plays a major role in the development of a country of creating better facilities for agricultural and industrial activities. Credit helps people from all walks of life in setting up their business and increase their earnings.

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