Indian economy to grow at 8%: Jaitley
New Delhi, Sep 25 : Finance Minister Arun Jaitley on Tuesday said the new insolvency law, indirect tax regime and demonetization will help drive India's growth rate and sustain it at 8 per cent.
He added that there was a need to trust the banking system for meeting the needs of the economy and asked banks to, in turn, ensure clean lending to justify the trust reposed in them.
"Banks must strive to be seen always as institutions of clean and prudent lending," he said at the annual review meeting of the public sector banks here.
Jaitley said the Insolvency and Bankruptcy Code (IBC), Goods and Services Tax (GST), demonetization and digital payments had enabled better assessment of financial capacity and risks which, coupled with inclusive growth, had unlocked the purchasing power which would drive India's growth.
He said this should help India sustain a growth rate of around 8 per cent, an official statement said.
"A growing economy will also help banks grow in strength," he said.
Jaitley underscored the need to have trust and confidence in the banking system as a necessary precondition for meeting the needs of the economy.
"With the recent amendment to the Prevention of Corruption Act, there now need not be any apprehension in the minds of bankers in supporting investments that are in the best interests of the economy, the nation and the banks," he said.
He noted that the perception regarding the health of PSBs had become more positive as banks had posted positive results in terms of resolution, recovery, provisioning and credit growth.
At the same time, he exhorted the banks to ensure all steps at their end to ensure clean lending and effective action in cases of fraud and wilful default, the Finance Ministry statement said.
Noting the positive results from the Insolvency and Bankruptcy Code mechanism, Jaitley flagged the need to assess and revisit the efficacy of the Debts Recovery Tribunal (DRT) mechanism, particularly in view of the long time taken in disposal of cases.
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Govt to set up Bureau of Port Security to boost port, vessel security
New Delhi (PTI): To beef up the security infrastructure of ports, the government will set up a statutory body -- the Bureau of Port Security -- that will ensure timely analysis, collection and exchange of security-related information of ports and vessels, officials said on Friday.
Union Home Minister Amit Shah on Thursday convened a meeting for the constitution of the dedicated body, the Bureau of Port Security (BoPS), which was attended by the Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, and the Minister of Civil Aviation, Ram Mohan Naidu, an official statement said.
Emphasising that there is a need to establish a country-wide robust port security framework, Shah directed that security measures should be implemented in a graded and risk-based manner, taking into account vulnerabilities, trade potential, location, and other relevant parameters.
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The meeting also noted that lessons learned from the maritime security framework shall be replicated in the aviation security domain, the statement said.
The new body, modelled on the lines of the Bureau of Civil Aviation Security (BCAS), will be constituted as a statutory body under the new Merchant Shipping Act, 2025, and will work under the aegis of the Ministry of Ports, Shipping and Waterways (MoPSW), it said.
Headed by a senior IPS officer as its director general, the BoPS will be responsible for regulatory and oversight functions relating to the security of ships and port facilities.
"During the transition period of one year, the director general of shipping shall function as the director general of BoPS," the statement said.
"The BoPS will ensure timely analysis, collection and exchange of security-related information, with a special focus on cybersecurity, including a dedicated division to safeguard port IT infrastructure from digital threats," it said.
The government has designated the Central Industrial Security Force (CISF) as a recognised security organisation (RSO), responsible for undertaking security assessments and preparation of security plans for port facilities.
The Central Armed Police Force (CAPF) will train and build the capacities of private security agencies (PSAs) engaged in port security.
"These agencies shall be certified and appropriate regulatory measures shall be introduced to ensure that only the licensed PSAs operate in this sector," the statement said.
