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TEA appeals for 7% interest rate to export sector
21
Apr '09
Reserve Bank of India (RBI), (21.4.2009) announced the Annual Policy statement for 2009-10. As a measure to support and boost the economy in the face of the global economic slowdown. RBI cuts two key short term interest rates Repo Rate (The rate at which the RBI lends to banks) and Reverse Repo Rates (The rates at which RBI borrows from the banks) by 25 Basis Points.

After key rate cuts, Repo Rate will be 4.75% and Reverse Repo Rate will be 3.25% with immediate effect. However, the Cash Reserve Ratio (CRR) has been kept unchanged at 5%. By this announcement, RBI has given signal to the banks for lowering of their Prime Lending Rates.

While welcoming the RBI's measures for growth stimulus, in a Press Release issued (6.12.2008), Shri. A. Sakthivel, President, TEA said further to RBI's clear signals to banks for reduction of their Prime Lending Rates (PLR), all banks should come forward immediately and reduce their lending rates for the benefit of beleaguered exporting industries.

Shri. A. Sakthivel appealed that the interest rates given to exports sector should be at 7%, which is our long pending demand so as to have a level playing field in the global market and it has become very essential for export sectors to be competitive in the crisis ridden in global market.

Shri. A. Sakthivel also pointed out that RBI's report on Macro Economic and Monitory Developments in 2008-09, clearly states that for the April –June 2009 quarter, all industries except Textiles is positive. By taking into consideration of this statement, banks should give its crucial help for uplifting the sagging textile economy.

Shri. A. Sakthivel added that, as the knitwear garment sector is looking up the banks eagerly for reduction of their interest rates immediately and any further delay from banks' end will certainly aggravate the business proposition of the knitwear garment sector.

TIRUPUR EXPORTERS' ASSOCIATION

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