Secured credit is the driving force of the economy and growth of credit creates wealth and generates employment. Recent Amendment Act to change debt recovery laws passed by Parliament proposes certain path-breaking changes in the registration systems as well as in priority to secured credit over taxation dues. This will create an environment conducive to growth of credit not only by banks and financial institutions (FIs) but by all other secured lenders.

Source - http://blogs.economictimes.indiatimes.com