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Why is credit a crucial element in the economic development?

Posted by Gurpreet Wahra 5 years, 3 months ago

CBSE > Class 10 > Social Science

1 answers

Divija Bansal 5 years, 3 months ago

(1) If cheap credit is not provided to the farmers they will be forced to arrange the capital at high rate which will increase the cost of production. The high cost of production put the farmers into a debt trap. (ii) Cheap and affordable credit is also must manufacturing sector to purchase raw material and other inputs. (iii) Cheap and affordable credit is required to decrease the dependency on informal sources of credit. (iv) Most of the Indian farmers are very poor so they do not have any surplus savings. (v) Cheap and affordable credit is also required for establishing new manufacturing units especially small scale units.

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