question_answer

Why is cheap and affordable credit important for the country?s development? Explain any three reasons.

Answer:

Cheap and affordable credit plays a crucial role for the country?s development.

Reasons are:

(i) The credit helps people to meet the on going expenses of production and thereby develops their business 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.