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07 Oct 2022, Edition - 2642, Friday

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Coimbatore

SIMA welcomes RBI’s repo rate cuts

Covai Post Network

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The Southern India Mills’ Association (SIMA) has welcomed RBI’s fourth repo rate cut of 50 basis points in 2015. After the latest cut, it now stands at 6.75 percent from 7.25 percent. SIMA chairman M. Senthilkumar said that the move will greatly benefit the capital-intensive textile industry.

Textile industry, especially cotton-based ones, is going through a sluggish pace in recent times due to several global factors, including tough competition from Vietnam, Pakistan, and Cambodia. High tariff and interest rates were among the biggest hurdles that Indian exporters faced.

While thanking the RBI Governor for the revised rates, Senthilkumar has also pointed out that only some banks have passed on the 0.4 percent benefits to the customers, while many others have given only 0.25 percent benefits.

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