India industry players have once again urged the government for a stimulus package from the government to boost the Indian economy.

Prime Minister's Economic Advisory Council (PMEAC) chairman, C Rangarajan has ruled out an economic package similar to that of 2008-09. He also said that any monetary action will be subject to inflationary pressures.

Confederation of Indian Industry President Adi Godrej, Associated Chambers of Commerce and Industry President Rajkumar Dhoot and PHD Chamber of Commerce and Industry President Sandip Somani held a meeting with Mr. Rangarajan and asked for implementation of reforms.

The industry members have also sought implementation of the Goods and Services Tax (GST) from April 1, 2013. The industry representatives have also asked for floating of infrastructure bonds for non-resident Indians and people of Indian origin. The industry is also seeking a reduction in repo rate and the cash reserve ratio by 100 basis points.

"I believe if the inflation rate, particularly that of non-food manufacturing inflation, shows a decline, there would be scope for the Reserve Bank of India (RBI) to adopt an easier stance," Rangarajan said. He also pointed out that the situation in the country is different from that in other countries as the growth is slowing but the inflation remains high.