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Tamil Nadu
Slash interest rates, says Industrial Federation
Staff Reporter
As knitwear exports pass through difficult phase due to rise in rupee against dollar
Tirupur: As the knitwear exports passes through difficult phase following the rise of rupee against dollar, the Tirupur Industrial Federation has urged the Centre to slash interest rates and extension of repayment period to the industry.
Memorandum
In a memorandum to the Finance Minister P. Chidambaram, the TIF president Ahill M.S. Mani said that the interest rates on borrowings for textile industry, right from exporters to all job working units in the textile value chain, should be brought down to 5 per cent.
To make Indian exports more competitive, the Government should extend the repayment period as all the units were struggling to repay the loans.
Mr. Mani wanted further upward revision of duty drawback rates so that it would help the exporting community.
Closure
Sounding an alarm that the many units would face closure if the Governments did not take urgent measures, he sought elimination of all direct and indirect charges levied by banks and financial institutions. On the ongoing projects to establish reverse osmosis plants at dyeing and bleaching units to ensure zero liquid discharge, Mr. Mani asked the Governments to release 50 per cent grant for the project at the earliest.
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