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Friday, Oct 29, 2004

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TN Chamber for timely credit to SSIs

Our Correspondent

Madurai , Oct. 28

THE Tamil Nadu Chamber of Commerce and Industry, while appreciating the Reserve Bank of India's firm decision against a hike in interest rates and the decision to raise the credit limit for small scale industries from Rs 50 lakh to Rs 1 crore, has said that the reluctance on the part of the banks to give effect should be obviated.

In a statement here, the chamber said that unless and until the agricultural and small-scale sectors are provided with sufficient and timely credit facilities by banks it would not be possible for the country to achieve 7 per cent overall growth.

It further said that the Credit Policy review of the RBI should disseminate more and specific information relating to the small and medium enterprises sector in their reviews to help the Union Government make necessary fiscal and industrial policy changes for the betterment of the sector.

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