New Delhi, Sept. 9 -- The Engineering Export Promotion Council (EEPC) India on Monday called on the central government to extend financial support to micro, small and medium enterprises (MSMEs) affected by the US-imposed tariffs on Indian goods, which came into effect on August 27.

EEPC Chairman Pankaj Chadha recommended interest equalisation schemes to reduce the high cost of capital for MSMEs, which currently face interest rates of around 9 percent or higher, limiting their global competitiveness, according to the Deccan Herald.

He also suggested negotiating free trade agreements with Latin American nations such as Chile, Peru, and Mexico to diversify export markets and mitigate reliance on the US.

"We need to have some advantage ove...