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Coimbatore

TEA demands interest subvention for garment exporters

Covai Post Network

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Coimbatore: The Tirupur Exporters’ Association (TEA) has appealed to the Central Government to announce the 3 percent Interest Subvention Scheme for the benefit of garment exporters.

In a statement, the TEA president A. Sakthivel, said, “According to the third bi-monthly monetary policy statement for the year 2015-16, announced by the RBI Governor Raghuram Rajan on August 4, the Repo Rate has remained unchanged at 7.25 percent. The Cash Reserve Ratio (CRR) also is unchanged at 4 percent. The RBI Governor said that headline inflation is at elevated levels and banks are yet to pass on the full benefits of previous rate cuts.”

The TEA was disappointed over the announcements, and, in a reaction to the monetary policy announcements, he said, “The knitwear exporters were expecting some reduction in Repo Rate in third bi monthly monetary policy of 2015 – 16. Unfortunately, it did not happen.”

“At this juncture, we strongly request the Central Government to announce a 3% Interest Subvention Scheme on Rupee Packing Credit to employment intensive garment sector immediately with retrospective effect from April 1, 2015 for the growth of exports,” he demanded.

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