Formalizing Economy can boost India’s growth by 8% : Arun Jaitley

Finance Minister, Arun Jaitley today met public sector bank’s chief where he discussed the issue, reviewed the financial performance and advised the banks to take “effective action” in case of defaulters in loans and fraud.

Jaitley stressed upon formalization of the Indian economy along with inclusive growth to make India achieve a growth up 8%.

Finance Ministry tweeted,”FM, Shri Arun Jaitley exhorted the banks to ensure all steps at their end to ensure clean lending & effective action in cases of fraud & willful default, to justify the trust reposed in banks. Banks must strive to be seen always as institutions of clean & prudent lending”

As reported by Money control , In the first quarter of the current fiscal year lender have made 49% higher recovery in comparison with same quarter of the last fiscal year. Banks were able to fetch a recovery of ₹74,562 crore in the year 2017-2018.

Here’s a brief of what Arun Jaitley said: 

  • Formalization of Economy along with inclusive growth can enhance purchasing power  leading to a sustainable growth of 8%.
  • The Revision in Insolvency and Bankruptcy code has forced defaulting borrowers to make payment.
  • The banks must ensure all steps to be aware of fraud and defaulter in loan payments.
  • Positive result by public sector banks leading to change in perception

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