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AEPC welcomes the move of RBI in reduction of repo rate
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New Delhi, April 17, 2012
Dr A Sakthivel, Chairman, Apparel Export Promotion Council has welcomed the move of the Reserve Bank of India in the reduction of repo rate under the liquidity adjustment facility by 50 basis point after the two years. Therefore, the repo rate would now be 8%. This move would immediately energies manufacturing sector and contain inflation.
Dr A Sakthivel has appealed to the banks that the lending rates to garment exports may be reduced by minimum 100 point basis and lend to the priority export sector; particularly apparel export sector which employs over 6 million people.
Chairman AEPC thanked Shri Pranab Mukherjee, Hon’ble Union Finance Minister and Dr D Subbarao, Governor, Reserve Bank of India for this move, which was receiving attention of the Government for quite some time.
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