write a short note on role of credit ? CBSE CLASS 10
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(i) It helps in increasing economic activities of the country; thus, helps in its development.
(ii) If credit is made available to the poor people at reasonable rates, they can improve their economic condition. It will further improve their standard of living and overall development.
(iii) Credit helped in the development of secondary sector or manufacturing sector.
(ii) If credit is made available to the poor people at reasonable rates, they can improve their economic condition. It will further improve their standard of living and overall development.
(iii) Credit helped in the development of secondary sector or manufacturing sector.
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Credit or loan refers to an agreement in which the lender supplies to borrower money, good or services, with the promise of future payment.
*Credit has its unique role for development because of following reasons:-
1.Cheap and affordable credit leads to higher incomes and many people could then borrow cheaply for a variety of needs.
2.Farmers can buy agricultural inputs with credit or set up small and cottage industry.
3.People could set-up new industries or trade as well. All there activities lead to development of the country.
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