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Q.

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

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a

True

b

False

answer is B.

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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.

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