Garment exporters in Tirupur have appealed to the RBI to expedite implementation of the Padmanabhan Committee recommendations.
While welcoming the RBI’s decision to keep the key policy rates unchanged, A. Sakthivel, President, Tirupur Exporters’ Association said “that it remains unchanged when the inflation is at elevated level is a blessing. But in this crucial hour, if a reduction in the interest rate is effected, it would help increase the competitiveness of the exporting sector, considering that the rates are much lower for the exporting units in competing countries.”
He also reiterated the need for a separate chapter for the export sector in the monetary policy and to fix the rate at 7 per cent for exporters.