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2% of interest subvention to benefit to knitwear exporters - TEA
13
Oct '09
Reserve Bank of India has issued a notification yesterday (12.10.2009) by including Readymade Garments under the Rupee Export Credit Interest Subvention Scheme with retrospective effect from 1.12.2008. The 2% Interest Subvention Scheme is available from 1.12.2008 to 31.3.2010.

Shri.A.Sakthivel, President, TEA welcomed RBI notification for inclusion of Readymade Garments under the 2% Interest Subvention with effect from 1.12.2008.

Shri.Sakthivel said the benefit of 2% of interest subvention will provide a relief to knitwear garment exporters at a time when the knitwear sector is facing the demand compression in the global market apart from severe price competition.

Shri.A.Sakthivel also added that lowering of interest rate through interest subvention will also give relief from recent Rupee Appreciation against Dollar.

Shri. A.Sakthivel thanked the Hon'ble Minister of Commerce and Industry, Hon'ble Finance Minister and RBI Governor and said the RBI notification has come after continuous representation made to Ministry of Commerce and Industry, Ministry of Finance and RBI.

TIRUPUR EXPORTERS' ASSOCIATION

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