Home / Knowledge / News / Apparel/Garments / TEA unhappy with RBI Q2 review of Monetary Policy 2012-13
TEA unhappy with RBI Q2 review of Monetary Policy 2012-13
30
Oct '12
Reserve Bank of India released second Quarter Review of Monetary Policy 2012-13 and leaves Repo Rate and Reverse Repo Rate unchanged at 8% and 7% respectively while reducing the Cash Reserve Ratio (CRR) by 25 basis points with an intension to maintain the interest rate to contain inflation and anchor inflation expectations. 

While giving reaction to this policy review, Dr. A. Sakthivel, President, Tirupur Exporters’ Association (TEA) said the garment exporting sector was expecting for reduction in interest rate after the measures taken by the Government of India and added the RBI’s continuous stance on interest rate will trigger for losing of competitiveness of export sector in the global market when our competing countries are maintaining interest rate comparatively lower than us. 

RBI in its over view on macro economic and monitory developments second quarter review 2012-13 released yesterday has stated that major exporting sectors including textiles and textile products have been significantly affected due to week external demand and also noted the median lending rate ranges from 10.5% to 15.38% for domestic banks. 

Against this background, Dr. A. Sakthivel pointed out that with this level of higher cost of fund, the cost of production has proportionately increased and it is the cause for concern for the exporting sector.  

Dr .A. Sakthivel was apprehensive and stated that it looks challenging for the garment sector achieving the export target of US$ 18 Billion during 2012-13. 

Dr. A. Sakthivel appealed to RBI to come out with a special chapter for export sector to keep the reduced interest rates, as like agriculture sector.  

Tirupur Exporters' Association (TEA)


Must ReadView All

Textiles | On 28th Jun 2017

GST and textiles industry: Analysis and opinion

The Goods and Services Tax (GST) is at long last all set to be rolled ...

Textiles | On 28th Jun 2017

India probing dumping of polyester yarn by China

Indian government is probing anti-dumping allegations against a...

(left to right) Rohit Munjal, Ashok  Shah, Rahul Mehta, Premal Udani, Rajesh Masand and Jayesh  Shah

Textiles | On 28th Jun 2017

CMAI to host 822 exhibitors at 65th National Garment Fair

The Clothing Manufacturers Association of India (CMAI) will host over ...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search