Choose the given statement is true/false:

Both rural and urban impoverished households need access to cheap and inexpensive credit.

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Detailed Solution

The above statement is true.
For the growth and economic development of the nation, financing that is affordable and accessible is essential. Credit is widely valued for many types of economic activity, such as significant or small investments, company startups, the purchase of vehicles or homes, etc. Recognition aids the growth of agriculture in rural regions by giving farmers money to purchase expensive pesticides, fertilisers, and seeds. Manufacturers require credit to buy raw materials or cover continuing manufacturing costs. Credit makes buying equipment, machinery, and other things easier. Some individuals could require borrowing due to sickness, marriage, etc. Therefore, accessible and inexpensive credit is essential for the growth and economic development of the nation.

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