‘Cheap and affordable credit is essential for poor households both in rural and urban areas’. In the light of the above statement, explain the social and economic values attached to it.
Credit means loans. It refers to a sort of agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future repayment.
i. Cheap and affordable credit for poor households is essential for a country’s economic development and material growth. It is required for a variety of important economic activities such as big or small investments, setting up of businesses and buying of cars and houses.
ii. In the rural hinterland, credit helps in the development of agriculture by helping farmers purchase seeds, fertilisers, pesticides and farming machinery.
iii. Some people may also avail of credit to provide for marriage or illness.
Explain any three measures taken by the British government to repress the movement started against the Rowlatt Act.
Which were the two types of demands mentioned by Gandhi in his letter to Viceroy Irwin on 31 January 1930? Why was the abolition of ‘salt tax’ the most stirring demand? Explain.
Why is India not able to perform to her full potential in iron and steel production? Explain any three reasons.
Why was the decade of 1830s known as great economic hardship in Europe? Explain any three reasons.
How are means of transport and communication complementary to each other? Explain with three examples.
How are local companies benefitted by collaborating with multinational corporations? Explain with examples.
