Exporters demand for 7.5 per cent interest rate

COIMBATORE: Tirupur Exporters' Association ( TEA) today reiterated its appeal for a separate chapter for the export sector and fix interest rate at 7.5 per cent to make the sector compete effectively.

In a letter to union Finance Minister P Chidambaram, TEA president A Shaktivel said the separate chapter in the RBI Monetary Policy will mainly protect them from increasing credit rates, by delinking it with base rate system being followed by the Banks.

As the RBI Monetary Policy for 2013-14 is scheduled on May three, after the Mid-Quarter review tomorrow, exporters request the minister to support them and help for announcement of a separate chapter, he said.

Since export growth has been observrf in the past two months and to sustain the growth rate coupled with significant enhancement also required the decreasing interest rate, Shaktivel pointed out.