Hosiery exporters seek extension of loan moratorium by 6 months up to March

Exporters said the financial position of the knitwear garment units in Tirupur has not improved and they were not in a position to repay the loan and interest

The Tirupur Exporters Association (TEA) on Friday appealed for extension of the moratorium for term loan repayments by six months up to March next year.

In a representation to Prime Minister Narendra Modi, it requested him to advise the Reserve Bank of India (RBI) to extend the moratorium, saying the financial position of the knitwear garment units in Tirupur has not improved and they were not in a position to repay the loan and interest.

TEA President Raja M Shanmugham said that in the first quarter of current fiscal, the All India Knitwear Exports clocked Rs. 5,355 crore against Rs.13,570 crore recorded