The Tirupur Exporters’ Association has appealed to the banks to reduce the interest rate by one per cent after taking into account the policy rate cut by the Reserve Bank of India.
Welcoming the banking regulator’s shift in stance from controlling inflation to stabilising growth, the association President, Mr A. Sakthivel, said that banks should consider a reduction in interest rate at this juncture as the woven and knitwear exporting units have been severely affected due to the steep increase in interest rate.
“A one per cent rate cut would help increase the competitiveness of the knitwear exporters and sustain in the global market.’’