Madurai : The Madurai District Tiny and Small Scale Industries Association (Maditssia) has condemned the recent hike in repo rate by 0. 25 points, announced by Reserve Bank of India (RBI). Mr V.S. Manimaran, President of the association, has said that the increase announced with the aim to contain the inflationary trend in the economy, would severely affect the small and tiny industries. In a statement here, he said that the rate hiked for 13 th time in a short span, has resulted in an increase of five percent in the rate of interest. While the Government is keen to ensure that the rate of interest for agriculture lending is not affected, it has ignored the small scale sector which offers 40 per cent to gross domestic product growth and employment to people. Already the sector is reeling under power cut, shortage of raw materials and increase in input costs and the present hike by RBI would drive to unemployment and loss of livelihood to lakhs of people.
HBL
