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Lending rate cuts for MSME sector on cards

11
Jun '09
Mr A Sakthivel, President, Federation of Indian Export Organisations (FIEO) thanked the Hon'ble Finance Minister for urging banks to cut borrowing rates for the MSME export sector so that the environment of rapid growth is restored .

The FIEO Chief stated that bank credit after remaining stagnant in the recent past have dropped Rs. 16,306 crores for the last two weeks ended May 22, 2009 thereby taking outstanding advances to Rs. 27,35,750 crores. Further, bank credit had dropped to 15.86% or Rs. 3,74,543 crores on year-on-year basis through 22nd May, 2009.

Mr Sakthivel, President, FIEO elaborated that the credit growth was far below the expectations of the Central Banks projections of 18-20% for 2009-2010 and with announcement made by the Hon'ble Finance Minister suitable rate cuts would yield better credit offtake to ensure the targeted GDP growth.

President, FIEO stated that a reduction of PLR by 50 to 75 basis points may bring about a corresponding reduction in the cost of credit for the MSME export sector which in turn may improve export order situation.

Federation of Indian Export Organisations


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