Choose the given statement is true/false:

Cheap and affordable credit is crucial for the country's development.

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Detailed Solution

The above statement is True.
Cheap and affordable credit is crucial for the development of a country because of the relevance of credit in an economy. Credit is the backbone of the modern economy, which forms the basis for all economic activities. If the credit is made available to the borrower on easy terms without the involvement of many costs, it helps the whole country in its development venture. To ensure this, formal sources like banks and cooperatives must be expanded to cover the poor population under their umbrella. It would help the poor by enabling them to raise loans for carrying out productive activities.

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