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Saturday, 6 February 2021

Apparel export industry welcomes RBI’s monetary policy

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Apparel exporters have welcomed the Reserve Bank of India (RBI) sharing of a positive outlook for the economy. Industry believes that RBI’s decisions will improve India’s export competitiveness.

The RBI announced its bi-monthly monetary policy today.

Experts believe that it is overall positive and growth-oriented statement in today’s developmental, regulatory and monetary policy of the RBI.

The decision to retain repo rate at 4 per cent, bank rate at 4.25 per cent and reverse repo at 3.35 per cent, and steps taken to maintain the inflation at the tolerance band of 4 per cent will help investors.

The improvement in capacity utilisation in the manufacturing sector and flow of financial resources to the commercial sector will strengthen the efforts of the industry to bring back normalcy in manufacturing and exports.

Dr. A. Sakthivel, Chairman, Apparel Export Promotion Council (AEPC) complimented the RBI in this regard and said, “I am happy to note that the measures announced by RBI in its bi-monthly monetary policy decision today will enhance export competitiveness and ease of doing business for exporters.”

He further expressed confidence that the apparel industry will have full support and corrective measures through RBI’s objective of reviving the economy with measures relating to enhancing liquidity support to targeted sectors and liquidity management; regulation and supervision; and deepening financial markets.

Similarly upgrading payment and settlement systems; and strengthening consumer protection will also help apparel exporters.

Source : https://in.apparelresources.com/

    
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