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Person M worked in the organised sector because they had regular jobs, legal protection, fixed wages and benefits. Person N belonged to the unorganised sector, facing irregular work, no job security, no benefits, low wages and absence of government regulation.
Credit can become harmful when high interest rates and strict repayment conditions make it difficult for the borrower to repay on time. This leads to increasing debt, pressure from lenders and a painful financial situation that becomes very hard to ...
High interest rates can make loan repayment exceed a borrower’s income, creating rising debt and a debt trap. Many avoid starting enterprises due to costly loans. Hence, banks and cooperatives must lend more so people can access cheaper credit and ...
Gross Domestic Product (GDP) helps in assessing the performance of an economy by measuring the total value of goods and services produced within a country during a specific period. A higher GDP indicates economic growth, productivity and improved living standards ...
A favourable credit arrangement is one that benefits the borrower without leading to debt. Option (c) is correct because the farmer takes a low-interest bank loan for productive agricultural purposes, ensuring better income and easy repayment. Hence, the correct option ...
