TN Garment traders want Padmanabhan panel recommendations in place | SupportBiz

News

TN Garment traders want Padmanabhan panel recommendations in place

 
Garment exporters welcome RBI’s decision not to change the key policy rates.

Coimbatore, December 19: Tirupur’s garment exporters have requested the Reserve Bank of India (RBI) to implement the recommendations made by the Padmanabhan Committee and also has expressed the need for a separate chapter for the export sector in the monetary policy, reports Business Line.

Talking about the RBI’s decision, A. Sakthivel, President, Tirupur Exporters’ Association said, “The fact that, the key policy rates 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 opined that, the Central Bank should fix the rate at 7 per cent for the exporters.