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

Pic: Shutterstock

Textiles | On 24th Jul 2021

5.2 lakh Zimbabwean homes to gain from Pfumvudza cotton inputs scheme

At least 520,000 households in the marginalised zones of Zimbabwe...

Pic: Lanzatech

Textiles | On 24th Jul 2021

US' LanzaTech, Lululemon to make yarn from recycled carbon emissions

LanzaTech has joined hands with Lululemon athletica, an athletic...

Pic: HOdo Group

Apparel/Garments | On 24th Jul 2021

Chinese apparel firm HOdo exports carbon-offset clothing

Apparel brand HOdo has claimed producing and exporting China’s first...

Interviews View All

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Sustainable and eco-friendly fibres remain in the minority

Textile Industry, Head honchos

Textile Industry
Head honchos

Delay in adopting water sustainability will be both financially &...

Textile Industry, Head honchos

Textile Industry
Head honchos

Trainers faced immense challenges as most were not tech-savvy

Rajesh Vohra,

Rajesh Vohra

A part of the Italy based multinational company Artsana Group, Chicco is...

Harleen Kaur,

Harleen Kaur

Established in 2017 and headquartered New York, the label Harleen Kaur...

Nina Smith,

Nina Smith

GoodWeave International, a nonprofit working to end child, forced and...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

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

Leave your Comments


July 2021

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


Advanced Search