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