Explain the role of credit for economic development. (2024)

Credit means loans. It refers to an agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future repayment. Role of credit for economic development: (i) Cheap and affordable credit is crucial for the country.s growth and economic development. Credit is in great demand for various kinds of economic activities-big or small investments, to set up business, buying cars, houses, etc. (ii) In rural areas credit helps in the development of agriculture by providing funds to farmers to buy seeds, fertilizers, expensive pesticides. (iii) Manufacturers need credit for buying raw material or to meet on-going expenditure of production. Credit helps in the purchase of plant, machinery, equipment, etc. (iv) Some people may need to borrow for illness, marriages, etc, Thus, cheap and affordable credit is crucial for the country.s growth and economic development.

Explain the role of credit for economic development. (2024)
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