The average interest rate per annum paid by manufacturers has risen to 9.38 per cent in January-March as against 8.37 per cent in the previous quarter, with a majority of firms reporting that their cost of borrowing has risen, said a FICCI survey released on Monday. The survey assessed the sentiments of manufacturers for Q4 (January-March) for 11 major sectors and responses were drawn from 400 manufacturing units across large and SME segments with a combined annual turnover of over Rs 10 lakh crore.