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Q.

Choose the given statement as true/false:


It is crucial for economic growth to increase formal sources of credit.


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a

True

b

False 

answer is A.

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Detailed Solution

The above statement is true.
Economic growth must increase formal sources of credit. The RBI regulates formal sources of credit. The RBI ensures that the lending process is simple and affordable. Easy and affordable credit helps people run or start their small businesses. Farmers can take loans to buy farming equipment. This will help to increase productivity, income, and employment in the economy. Also, compared to informal sources, the formal sector charges less interest so that people can easily pay back their money.
 
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