Raja M Shanmugham, President said he thanked the Hon’ble Union Minister of Finance, Nirmala Sitharaman for the announcement of new measures to boost exports and specifically appreciated for considering the continuance of MEIS at 4 percent till December end. Raja M Shanmugham also thanked for Priority Sector Lending (PSL) norms for export credit under consideration of RBI and releasing an additional Rs. 36,000 cr to Rs. 68,000 cr as Export Credit under Priority Sector.
He lauded the announcement that the leverage of technology will be used to reduce Time to Export or Turnaround Time which will give cushion to exporting units and will be helpful to meet out the delivery schedule and also reduction of logistics cost. The measures will give business confidence to the struggling Tirupur knitwear export sector and he hope that the pending amount will be reimbursed expediently.