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"To achieve overall development of the …

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"To achieve overall development of the country cheap and affordable credit is necessary for all "Explain

Posted by , 🙂 3 years, 4 months ago

CBSE > Class 10 > Social Science

1 answers

Yogita Ingle 3 years, 4 months ago

Cheap and affordable credit is crucial for the country's development due to the following factors:

More lending would lead to higher incomes and encourage people to invest in agriculture, engage in business and set up small scale industries.
Cheap credit means more income would be left with the borrower to reinvest rather than return as interest. This leads to acceleration of economic activity.
Cheap credit would also allow weaker sections of society to enter formal sector of lending and rid them of exploitation at the hands of informal moneylenders. Thus, it may improve the economic condition of the poor and landless.

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