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Coimbatore, March 17

Tirupur Exporters’ Association (TEA) has called upon the Finance Ministry to extend the four per cent interest subvention on export packing credit for one more year. The association has made the request as the interest subvention on pre- and post- shipment credit announced late last year by the Centre is to end this month. The country’s garment exporters continued to face the crisis and the decline in knitwear exports for the current year is more pronounced, th e TEA President, Mr A. Sakthivel, has said in a statement. With the currency volatility still looming large, the extension of interest subvention needs to be continued, he added. The TEA is aggrieved that the Budget failed to address the needs of the textile exporters and no supportive measures were announced to bail the sector out.

— Our Bureau

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