The repo rate has remained constant! Industry also wants the Interest Equalization Scheme to be extended

11 February 2022, Mumbai:

The Reserve Bank of India (RBI) has maintained the 4.0 percent policy repo rate under the liquidity adjustment facility (LAF).

The LAF's reverse repo rate stays at 3.35 percent, while the marginal standing facility (MSF) rate and the bank rate both remain at 4.25 percent. The Monetary Policy Committee's conclusions were released by RBI Governor Shaktikanta Das (MPC).

The decision of the RBI has been hailed by representatives of the garment sector. It was the MPC's first policy meeting after the Union Budget of 2022.

Raja M. Shanmugham, President, Tirupur Exporters' Association (TEA), has asked to RBI Governor to prolong the Interest Equalization Scheme (IES) with retrospective effect from 1 October 2021 for the benefit of MSMEs, thanking the MPC for holding the policy rate at the current level.

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He went on to say that the Tirupur knitwear cluster urgently needs to improve its competitiveness and stay in business.

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*Figures mentioned in the above article have been sourced from Apparel Resources article.