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Why is cheap and affordable credit important for the country's development ,explain any 3 reason

Posted by Vishwash Jain 7 years, 1 month ago

CBSE > Class 10 > Social Science

2 answers

Yogita Ingle 7 years, 1 month ago

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.

1Thank You

Anjali Mahlawat 7 years, 1 month ago

1. Cheap credit helps people in moving from informal to formal sector of credit. 2. It helps in investing in secondary sectors if people make use of money in starting a new business. 3. Poor people can also fulfill their dreams and wants if they get cheap credits. 4. Cheap credits will overall increase the banking system of the nation. ☺️

2Thank You

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