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The status quo on key rates has disappointed knitwear exporters.
Reacting to the first quarter review of the 2013-14 monetary policy, A Sakthivel, President, Tirupur Exporters’ Association, said that at the current interest rate levels, it would be a tough proposition for the woven and knitwear garment exporting units to stay competitive.
The continuance of recession in EU market and subdued global growth is already impacting the garment exporters adversely.
A reduction in interest rate is therefore the need of the hour to help the domestic manufacturing sector stay competitive, he said, emphasising the need for a cut in interest rate.
TEA President also reiterated the association’s long-time demand for a separate chapter for export sector in the monetary policy and a fixed credit rate of 7.5 per cent.
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