A Sakthivel, Chairman, Apparel Export Promotion Council (AEPC), on RBI announcement of its Q2 review of monetary policy on 30th October 2012 wrote a letter to Finance Minister, Shri P Chidambaram.
Dr Sakthivel in his letter stated that, “The garment export industry was expecting lowering of the interest rates 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 internationally.”
Sir, 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 for the export sector, particularly to labour intensive sectors like clothing and textiles, he added.
Further Dr. Salthivel wrote, “It is our humble request to you to issue necessary directions to Reserve Bank of India for lowering of interest rates for garment export sector. The industry is looking upon you for this immediate help at this hour.”
