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TEA urges PM to include knitwear exports in credit policy
27
Jul '11
Tirupur Exporters' Association (TEA) has made a representation to the Prime Minister urging him to support the knitwear sector by including a separate chapter for knitwear exports in credit policy.

The Association has asked the Prime Minister to help the knitwear sector, as any further rise in the lending rates would adversely affect the export-oriented knitwear sector, President of TEA, A Shaktivel said.

Commenting on the First Quarter review of RBI's monetary policy, he said that several banks have already indicated that they would hike the interest rates after the mid-quarter monetary policy is announced by the country's central bank.

He said this is going to impact knitwear export sector, which is already grappling with several issues including a rise in the prices of yarn and dyeing charges.

Only micro, small and medium enterprises and few selected knitwear goods currently enjoy a two percent interest subvention on packing credit, the TEA President said.

Fibre2fashion News Desk - India

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