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Why are cheap and affordable credit important for countries development. Explain any three reason and example

Posted by Suji 335 5 years, 8 months ago

CBSE > Class 10 > Social Science

2 answers

Harsh Gaikwad 5 years, 8 months ago

1) Saves underprivileged classes and poor people from the debt trap. 2)Helps to improve financial and economical conditions of the society. 3)Helps middle class people to set up industries giving loans at low rate of interest thus, promoting the economic development. For e.g:- Proffesor Muhammad Yunus in Bangladesh mad3 poor people provided with required amount of loan at low rate of interest thus, improving infrastructure and economic growth of Bangladesh and for this work, he was awarded with Nobel Prize for Peace in the year of 2006.

3Thank You

1⃣?Niket Chourasia⚡️⚡️??? 5 years, 8 months ago

Cheap and affordable credit leads to to higher income and many people could than borrow cheaply for a variety of needs Farmer can buy agriculture input with credit or set up small scale and cottage industry People could set up new industry or trade as well

2Thank You

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CBSE > Class 10 > Social Science