Choose if the given statement is True/False.

Credit plays a significant role in the development of a nation.

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True

False

answer is A.

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Detailed Solution

The given statement is True.
The credit helps the most in the nation's development as more and more people borrow money and invest it in their activities which ultimately increases their income. It makes a person better off than before as they have a higher income now through investments. The credit helps to earn money presently as well as helps in building capital for future activities. The government also uses credit to undertake massive infrastructural projects, which leads to the overall development of society and the nation in general. Therefore, credit plays an essential role in the development of a country.

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