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Cheap and affordable credit is crucial for the country\'s development. How?? |
| Answer» More lending would lead to higher incomes and encourage people to invest in agriculture, engage in business and set up small scale industries. This leads to acceleration of economic activity. It also allow weaker sections of society to enter formal sector of lending and rid them of exploitation at the hands of informal moneylenders.Cheap and affordable credit plays a crucial role for the country’s development. Reasons are :-(i) The credit helps people to meet the ongoing expenses of production and thereby develops their businesses in agricultural and industrial areas.(ii) For middle-class people, loans help a lot in constructing their houses and get rid of monthly rents.(iii) It raises the standard of living and social status of the common man by enabling them to buy automobiles, electronic items, etc. | |