Apex chambers - FICCI and CII hailed the second stimulus package and also the cuts in the key policy interest rates of the RBI. However, Assocham said it had expected more.

Exporters, who had high expectations from the government, said they were disappointed. "This package is timely and will help demand in the next quarter considerably. The repo and reverse repo cuts along with CRR (reduction) will ease liquidity for banks as well as have a positive effect on the cost of credit," CII Director General Chandrajit Banerjee said.

FICCI Secretary General Amit Mitra said the government and the RBI have addressed a wide range of concerns. The steps "should hopefully give a big boost to the slowing economy," Mitra said, adding that he expects "business confidence would be restored".

FICCI said it's now over to the banks' court to "come out and lend to corporates rather than invest money in government securities they have been doing earlier".

However, Assocham said the package is "in the right direction but falls short of expectations". Assocham Secretary General D S Rawat said the chamber expected a relief of Rs 1,00,000 crore.