Choose the given statement as true/false:

Cheap and accessible credit is necessary for a nation's development.

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Detailed Solution

The above statement is true.
Credit that is accessible and inexpensive is crucial for a nation's growth since it promotes entrepreneurship and self-employment. Small-scale enterprises strengthen the economy, inspire people to establish their businesses, and keep people from falling into debt. Importance of inexpensive and accessible credit for the nation's development - Credits that are inexpensive and accessible would increase revenue. Numerous people could borrow to fulfil a range of demands. It encourages people to start new businesses, invests in agriculture, and engage in other entrepreneurial endeavours. It makes more investment possible, which will speed up economic activity. The debt cycle would also be broken by accessible credit.

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