Welcoming RBI notification just issued including garments for 2% interest subvention with effect from 1st Dec 2008, Mr A Sakthivel, President, Federation of Indian Export Organisations (FIEO) said that this will provide relief to apparel sector which is facing exports contraction and tough price competition.
Mr Sakthivel said that lowering of interest rate through subvention will also give respite from recent appreciation.
FIEO took up the matter with DOC, MOF and RBI which led to issuance of this notification and FIEO chief thanked CIM, FM and Governor RBI.
