2 Aug, 2013
KOLKATA: The apparel exporters have demanded a separate interest rates for garment exports. In a letter written to the finance minister Mr P. Chidambaram, Dr A Sakthivel, chairman AEPC (Apparel Export Promotion Council) has demanded that garment exports should be given a separate chapter for interest rates in export sector.
In his letter AEPC chairman wrote, "Reserve Bank of India has announced the credit policy. However, the garment export industry was expecting lowering of the interest rate, which has not been announced. The pre and post shipment credit rates are hovering around 10% which is very high when compared to interest rates available to our competitors."
"It was your initiative through which you had given a separate chapter for interest rates in the export sector. The industry appeals to you for reintroduction of the separate rates of fixed 7.5 % for the labour intensive sectors of clothing and textiles," the letter further said.
Dr Sakthivel further said, the industry is looking for this help as a stable and long term solution to uncertain high lending interest rates.On increasing the interest subvention from 2% to 3%, Dr Sakthivel, thanked Union Finance Minister.
He said "The garment exporting communitytakes this opportunity to thank you for enhancing the interest subvention from 2% to 3 % in readymade garment sector. This initiative is a great help to our labour intensive sector employing over 11 million workers and industry earning over Rs 75000 Crores."
Source:-economictimes.indiatimes.com
No comments:
Post a Comment