Reserve Bank of India reduced the Repo Rate and Reverse Repo Rate by 50 basis points and accordingly, the Repo Rate will be dropped from 8.5% to 8% and Reverse Repo Rate will be 7.5% to 7%.
Dr. A. Sakthivel, President of Tirupur Exporters' Association (TEA) welcomed the shift in stance of RBI from concentrating more on controlling inflation to stabilizing the growth of economy and noted that the reduction in policy rates has happened after two years.
Dr. Sakthivel appealed to all the Banks to reduce the interest rates by 1% after taking into account the policy rate cuts by RBI and added that the reduction of interest rates by banks are paramount importance at this critical juncture since the woven and knitwear exporting units have been affected significantly due to increased interest rates.
The reduction of interest rate will help to increase the competitiveness and also sustain in the global market.
Tirupur Exporters' Association
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