The Apparel Export Promotion Council had lauded Dr D Subbarao, Governor, Reserve Bank of India for increasing the eligible limit of Export Credit Refinance (ECR) facility from 15 percent of the outstanding export credit eligible for refinance to 50 percent, according to a AEPC statement.
Dr A Sakthivel, Chairman of AEPC has welcomed the decision taken by the RBI and complimented its head. However, the industry was looking at a rate cut in the landing rate, as the high interest rates are hurting the industry pretty much. The interest rate cut would further enable the industry to perform better. Furthermore, it would also be a step towards achieving the export target of $ 18 billion by 2012-13 set by the Government of India.
Established in 1978, AEPC is the official body of apparel exporters in India that provides invaluable assistance to Indian exporters as well as importers and international buyers who choose India as their preferred sourcing destination for garments.