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Slash interest rates: TIF

Staff Reporter

Coimbatore: As the knitwear exports passes through difficult phase following the rise of rupee against dollar, the Tirupur Industrial Federation has asked the Centre to slash interest rates and extend repayment period to the industry.

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 said further upward revision of duty drawback rates would help the exporting community.

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