Home / Knowledge / News / Textiles / Lending rate cuts for MSME sector on cards

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


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 26th Oct 2020

25% Bangla garment manufacturing to be automated by 2023

A quarter of garment manufacturing activities in Bangladesh will be...

Pic: Shutterstock

Textiles | On 26th Oct 2020

BCI to cease all field-level activities in China's XUAR

Sustained allegations of forced labour and other human rights abuses...

Pic: Burberry

Information Technology | On 26th Oct 2020

Burberry launches gaming technology for fashion design

Burberry, and digital production agency, Koffeecup have joined hands...

Interviews View All

Rajiv Sirohi, Shara

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Luke Otten, Wigwam Mills Inc

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Prabu Mohanram, Balavigna Weaving Mills Pvt Ltd

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Tejas N Patel, Navin D Patel,

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Alon Moshe,

Alon Moshe

Israel-based Twine Solutions is a technology start-up that has developed a ...

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Mr Hartmann Huth, Trevira GmbH

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Urs Stalder, Sanitized AG

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

<span style="font-size: 12px;">Designer Suman Nathwani talks about her...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

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


October 2020

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


Advanced Search