Home / Knowledge / News / Apparel/Garments / GEA President expresses disappointment with repo rate hike
GEA President expresses disappointment with repo rate hike
29
Jan '14
Mr Rakesh Vaid, President, Garments Exporters Association has expressed disappointment on the RBI decision to again increase the Repo rate by 25  basis point  to 8 % which will further hike the interest rates.

In fact RBI had been continuously increasing the Repo Rate resulting in persistent and significant hike in interest rate.  The export credit as a percentage of net banking credit has been declining.  GEA has expressed the fear that rising interest rate would make the garment exports uncompetitive in overseas markets

Mr Vaid pointed out that the problem of finance is comparatively more acute for the small scale garment exporting sector.  It is therefore, essential that adequate facilities of Bank Credit both in terms of long term requirement and working capital should be provided to the exporters. 

The interest rate for export credit should be lowered substantially as high interest rate increase production as well as transaction costs of exporters.  The uncertain political situation along with prospects of a hung parliament with no single party getting the majority in the next elections has further reduced the business sentiments

Mr Vaid expressed the hope the policy-makers will wake up to the new realities soon and take some action so that we can take on competition from China, Bangladesh, Vietnam and others.  We want a pro-active approach by various government departments to streamline procedures and make fiscal corrections, said Mr Vaid.

Garments Exporters Association


Must ReadView All

Textiles | On 4th May 2016

Vietnam’s textile industry looks beyond 2020

After it overtook the export target with five years to spare,...

Textiles | On 4th May 2016

NRDC inks agreement with silk houses in West Bengal

The National Research Development Corporation (NRDC), entered into...

Apparel/Garments | On 4th May 2016

Jabong launches Asics Tiger brand in India

Online fashion portal Jabong has announced its partnership with...

Interviews View All

Shawn Honeycutt
Bolger & O'Hearn

Which chemicals are likely to dominate the sustainable textiles industry?...

Mr. Madhu Kapoor
Apparel & Leather Technics Pvt. Ltd.

Discuss the applications of various machines in textile industry. How do...

Shakil Ahmed
Colorlines Clothing India Private Limited

How do companies into supply chain financing obtain their funds?

Dr. Rene Wollert
Freudenberg Nonwovens

<i><b>Dr. Rene Wollert</b> discusses the current scenario of the global...

Drew Walker
AGY Holding

<i><b>Drew Walker, </b>CEO of AGY says “our main competition in China is...

Kevin Nelson
TissueGen

<b><i>Kevin Nelson, Chief Scientific Officer, TissueGen discusses the...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

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

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
April 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


<%@ language="VBScript" %>
feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search