Exporters in Tirupur hail RBI holding policy rates at same level

Tirupur Exporters' Association (TEA) on Thursday thanked RBI's Monetary Policy Committee (MPC) for maintaining the policy rate at the same level.

Thanking the MPC, TEA President Raja M Shanmugham, however, appealed to RBI Governer Shaktikanta Das to extend the Interest Equalisation Scheme with retrospective effect from October 1, 2021 onwards for the benefit of MSMEs.

The Tirupur knitwear cluster desperately needs to enhance their competitiveness and sustain in the business, he said in a statement here.

The RBI has announced the decision of the MPC to keep the major policy repo rate at 4 per cent and reverse repo rate at 3.35 per cent unchanged and to continue with the accommodative policy stance, Shanmugham said.