Affordable credit is not important for a country’s development.

see full answer

Talk to JEE/NEET 2025 Toppers - Learn What Actually Works!

Real Strategies. Real People. Real Success Stories - Just 1 call away

An Intiative by Sri Chaitanya

True

False

answer is B.

(Unlock A.I Detailed Solution for FREE)

Ready to Test Your Skills?

Check your Performance Today with our Free Mock Test used by Toppers!

Take Free Test

Detailed Solution

The above statement is false.
People only turn toward the high cost of borrowing when they find it difficult to take loans from the formal sector. The high cost of borrowing further limits the economic growth of a country. For this reason, cheap and affordable credit is imperative and crucial for a country's development. Banks and cooperative societies need to be encouraged to lend to the poor and in rural areas. Many people will start taking loans for various reasons, like setting up a business or small-scale industry and growing crops. This will further lead to the growth and development of a country.
The correct statement is affordable credit is important for a country's development.

Watch 3-min video & get full concept clarity

Result Producing online coaching for JEE/NEET of south India

Largest All India Test Series for JEE/NEET

Best Books for IIT JEE

Best Books for NEET

How to Join IIT after 10th