“Cheap and affordable credit is crucial for the country’s development.”

“Cheap and affordable credit is crucial for the country’s development.” Assess the statement.

Answer:
Cheap and affordable credit is crucial:

  • Many people want to start an enterprise by borrowing may not do because of high cost of borrowing.
  • Banks and cooperative societies need to lend more.
  • This would lead to higher income and many people could then borrow cheaply for a variety of needs.
  • They could grow crops, do business or set up small scale industries.