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22 May 2019, Edition - 1408, Wednesday

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Coimbatore

Knitwear exporters want repo rate cut benefits to be passed on

Covai Post Network

Knitwear exporters in Tirupur today appealed to banks to pass on the rate cut benefits to exporters who have
been struggling and facing initial hiccups after implementation of the Goods and Services Tax.

In a statement, Tirupur Exporters’ Association president Raja Shanmugam thanked the monetary policy committee for reducing the repo rate to 6 per cent. However, banks should pass on the rate cut benefit to exporters, he added.

The association has already represented to all banks for enhancement of limit to ease the working capital blockage of its units, especially SMEs, and hoped this would be considered favourably.

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