Exporters have sought the central government's intervention in providing affordable and easy credit availability to MSMEs amid global headwinds due to a lack of liquidity. In a letter to Finance Minister Nirmala Sitharaman, the apex exporters' body, the Federation of Indian Export Organisations (FIEO), requested the extension of the Emergency Credit Linked Guarantee Scheme (ECLGS) till March 31, 2024 and the restoration of an interest subsidy benefit of 5 percent to manufacturer MSMEs. It said some of the MSME sectors are affected due to a dip in exports on account of a global demand slowdown. FIEO has urged extending the ECLGS "till March 31, 2024," as it will help micro, small, and medium enterprises sail through this difficult time and bounce back when the situation improves. With interest rates firming up, MSMEs are getting credit at not less than 8–11 percent. The subvention for the interest equalization scheme was reduced as interest rates were coming down.