â??Credit has its own unique role for developmentâ??. Justify the statement with argument.

Asked by Last Modified  

2 Answers

Learn Economics +1

Follow 1
Answer

Please enter your answer

Rajesh Sharma

”Credit has its own unique role for development” (a) Credit helps to increase earning and therefore a person is better off than before.(b) Credit helps to earn money as well as the capital for the future.(c) Credit helps in the development of infrastructure of the society that leads to the...
read more
”Credit has its own unique role for development” (a) Credit helps to increase earning and therefore a person is better off than before.(b) Credit helps to earn money as well as the capital for the future.(c) Credit helps in the development of infrastructure of the society that leads to the overall development. read less
Comments
Dislike Bookmark

Credit is a contractual agreement in which borrower receives something of value nowand agrees to repay the lender someday in the future, generally with interest. Credit also refers to an accounting entry that either decreases assets or increases liabilities and equity on the company's balance sheet....
read more
Credit is a contractual agreement in which borrower receives something of value nowand agrees to repay the lender someday in the future, generally with interest. Credit also refers to an accounting entry that either decreases assets or increases liabilities and equity on the company's balance sheet. Credit has a unique role in the economic development of the country. It is needed by all the three sectors of the economy. i. In rural sector, the main demand for credit is for crop production. Crop production involves cost of seeds, fertilizers, pesticides, irrigation facilities, electricity and repair of equipments. Cheap credit would thus lead to increase in production. ii. In urban sector, big businessmen and small manufacturers need loans either to expand their enterprises, to bring new technology or diversifying their business. iii. Every tertiary sector needs loans to buy the latest equipments and technology. Thus, we can say that credit has a unique role in the development of a country. read less
Comments
Dislike Bookmark

Related Questions

As the supply of tomatoes increases in your local mandi, its price drops. When the local harvest starts reaching the market, the price of tomatoes drops from Rs. 40 per kg to Rs 4 per kg or even less. Is there any relationship between two variables?
The fall in price of tomatoes when the local harvest starts reaching the market is due to following two readons: 1. When supply is in much excess of demand , as per basic theory of economics the price...
Meenakshi
0 0
5
Should I join a coaching institute in the 11th class or do self-study?
There two factors in this: 1. Why do you think you should join coaching? Let me reframe- Do you think you need coaching? What do you intend to achieve form it? 2. What are your subjects? If you are studying...
Gene
0 0
8
How do I get 90+ in class 12 maths without coaching?
On the presumption that you have enough zest and zeal to excel in the mathematics,you can very well score 90+ through meticulous planning. For every chapter, one need to recapitulate that read in class...
Ashok
0 0
6
What will be the effect of change in income on giffin goods and normal goods ?
Giffen goods are a special kind of inferior products in which demand increases when price increases. But in the case of income changes, there's an inverse relationship between market and income. With an...
Suneha Sharma
0 2
7
Which are the best IIT-JEE coaching institutes for class 11, 12 in Kota?
Vibrant & Allen
Kajal
0 0
5

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Structuring Data for Better Understanding

Shashi Shankar

0 0
0
How does trade unions affect labour wages
Trade Unions can play a vital role in affecting the wage rate in the industry. Their methods have the result of either increasing the demand for labor or by either restricting thesupply of substitutable...

Amit

0 0
0
Methods of calculating National income
Methods of Calculating National Income Value Added Method:- According to this method, National Income is calculated by adding net value by all producing unit...

Satyadev

1 0
0
An Insight into Corporate Banking
When it comes to Banking, yes off course one of the India's growing industry consists of 26 public sector banks, 25 private sector banks, 43 foreign banks, 56 regional rural banks, 1,589 urban cooperative...

Ca Kapil Khandelwal

0 0
0
Division of labour
By division of labour we mean specialisation in work. Under it the worker specialises either in the prouduction of a single commodity or single sub-process . It is a system whereby the operations necessary...

Disha S.

1 0
0

Recommended Articles

6 Healthy Habits of School Children

While schools provide formal education to the children, the home is where they start learning about things informally. Parents think that schools will take the initiative to educate their children. Well, this is partially true, as parents also play an essential role in bringing up their child. For the development of particular...

Read full article >

Science, Arts Or Commerce - Which One To Go For?

Once over with the tenth board exams, a heavy percentage of students remain confused between the three academic streams they have to choose from - science, arts or commerce. Some are confident enough to take a call on this much in advance. But there is no worry if as a student you take time to make choice between - science,...

Read full article >

5 Engaging Activities For Children To Get...

Learning for every child starts from a very young age. While the formal methods include school curriculums and private lessons, the informal methods include dancing, music, drawing, and various fun-filling activities. Playing games and practising these types of activities helps the children get out of boredom and...

Read full article >

The Rising Problems in Indian Government School

With the mushrooming of international and private schools, it may seem that the education system of India is healthy. In reality, only 29% of children are sent to the private schools, while the remaining head for government or state funded education. So, to check the reality of Indian education system it is better to look...

Read full article >

Find Class XI Tuition near you
Class XI Tuition in Delhi
Class XI Tuition in Bangalore
Class XI Tuition in Kolkata
Class XI Tuition in Hyderabad
Class XI Tuition in Mumbai
Class XI Tuition in Chennai
Class XI Tuition in Pune
Class XI Tuition in Gurgaon
Class XI Tuition in Noida
Class XI Tuition in Ghaziabad

Looking for Class 11 Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you