The Tirupur Exporters Association (TEA) Saturday welcomed the Prime Minister Narendra Modi announcement of outreach initiatives for micro, small and medium enterprises (MSMEs) at a time when they were struggling to compete in the global market.
In a press release, president of TEA Raja M Shanmugha thanked the Prime Minister for the support by which not only the spirit of the MSMEs but also their confidence would increase and they could concentrate on boosting their business.
Also, Shanmugha said, raising the interest subvention to five per cent from three per cent as was requested by the TEA for the past two years would create a level playing field with the competing countries.
Shanmugham expressed hope these measures would help exports bounce back and witness positive growth.
(With inputs from agencies.)