Knitwear exporters from Tirupur today welcomed the RBI's decision of reducing the Policy Repo Rate by 25 basis points with immediate effect.
In a statement, A Shaktivel, President, Tirupur Exporters Association (TEA) welcomed RBI's decision to reduce the rate, as it has come at a time when the Union Budget has not announced restoration of three per cent Interest Subvention of Rupee Packing Credit to knitwear garment exporting units.
"As the competitiveness is key for survival in the global market, this benefit will certainly work out in farvour of exporting units," he said.
Pointing out that barring one or two banks, other banks have not reduced their interest rates subsequent to reduction of Repo Rate by RBI on January 15, he appealed to the Banks to pass on the benefit to customers.
