As the 4% Interest Subvention on pre and post shipment credit announced by the Government ends on March 31, 2008, our President Shri. A. Sakthivel, in a communication sent to Shri. P. Chidambaram, Hon'ble Finance Minister (17.3.2008) has requested to extend the 4% Interest Subvention given to knitwear exporters for further one year.
He also said that unfortunately, the Union Budget has not considered the requisition made by the Association and no support measures was announced to bail our the exporters from the crisis.
He added that the crisis situation faced by Knitwear export sector is more pronounced in the decline of knitwear exports in the current Financial Year.
He further pointed out that, as the currency crisis is still exist, the extension of 4% Interest Subvention is much required.
Tirupur Exporters' Association
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