FICCI: Full Form, Foundation, Roles and Functions
Read about the Federation of Indian Chambers of Commerce and Industry (FICCI). Learn about its establishment and functions.
Izhar Ahmad28 Dec, 2023
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The Federation of Indian Chambers of Commerce and Industry (FICCI) promotes Indian business development and worldwide competitiveness. Through debates among academicians, bureaucrats, and business leaders and informal contact with government planners and policymakers, FICCI influences Indian economic policies.
Additionally, FICCI offers its business members advice services, information, and networking opportunities. New Delhi is its headquarters, with offices in other Indian states and nations.Full Form of FICCI
FICCI is an abbreviation for the Federation of Indian Chambers of Commerce and Industry. It is a commercial organization association in India that was founded in 1927.Foundation and Headquarters of FICCI
In 1927, a group of Indian entrepreneurs led by Mahatma Gandhi created the Federation of Indian Chambers of Commerce and Industry. It was founded to defend and promote the interests of the indigenous business community. Since its founding, FICCI has played a crucial role in changing India’s economy. The group has been at the forefront in terms of public policy advocacy engaging with governments and playing a crucial role in shaping major industrial policies. Its headquarters are based in New Delhi and it is made up of over 100 chambers and organizations dispersed over India with others found worldwide including the United States, Germany, United Kingdom among others.Role and Functions of the Federation of Indian Chambers of Commerce and Industry
The primary functions of the Federation of Indian Chambers of Commerce and Industry are as follows:- To promote and preserve the industry's interests in India.
- Serve as a pressure group to effect desired changes in government policy.
- Encouraging foreign trade and investment
- Promote the sharing of information and expertise among members.
- Assist in the establishment of joint ventures and cooperation agreements between Indian and international firms.
Initiatives and Programs by FICCI
The Federation of Indian Chambers of Commerce and Industry launched the following programs: Make in India: This was the drive, launched by Prime Minister Narendra Modi so as to have India become a global manufacturing hub. National Project on Climate Change (NICC): NICC is a FICCI and TERI-driven initiative to foster green enterprises within India. India Brand Equity Foundation (IBEF): FICCI created IBEF to boost the Indian brand’s global interests. FICCI Ladies Organization: With over 12,000 members, FLO is the largest women’s organization in India. Federation of Indian Micro, Small and Medium Enterprises: This organization stands at the top in India representing the interests of micro, small and medium firms. Federation of Indian Export Organizations (FIEO): An umbrella body for export development groups in India is known as FEIO. India International Trade Fair: The biggest consumer exhibition show in India is the IITF organized by FICCI. Moreover, the Federation of Indian Chambers of Commerce and Industry has undertaken other initiatives which have proved beneficial for the country.Allied Organizations of FICCI
There are many organizations which work with the alliance of the Federation of Indian Chambers of Commerce and Industry, some of them are mentioned below:Confederation of Indian Food Trade and Industry
The Indian food industry receives services from the Confederation of Indian Food Trade and Industry (CIFTI). It is concerned with policy, trade, and capacity development. CIFTI offers institutional assistance and collaborates with the Indian government and commerce sector to promote and expand the Indian food processing industry. FICCI formed CIFTI in 1985.Arbitration and Conciliation Tribunal
The FICCI Arbitration and Conciliation Tribunal (FACT) offers business arbitration services. FACT was founded in 1952 with the aim of resolving commercial conflicts outside of the usual framework provided by courts of law via arbitration or conciliation, as the case may be.Consumer Care Alliance
FICCI Alliance for Consumer Care (FACC) is a specialized center established by Federation of Indian Chambers of Commerce and Industry in collaboration with the Department of Consumer Affairs (India) to improve consumer care practices and enable stakeholder involvement. It enables the fast settlement of consumer complaints, the exchange of information between businesses and customers, and the promotion of responsible business conduct.Looking for the Best Commerce Coaching?
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Ladies Organization
The FICCI Ladies Organization was founded in 1983 to encourage women's entrepreneurship and professional success in India.Confederation of Micro, Small, and Medium Enterprises (CMSME)
FICCI's associated organization is the Confederation of Micro, Small, and Medium Enterprises. It was founded in December 2013. Its objectives are to link MSMEs with mentors, incubators, and accelerators, as well as to support them via training programs and services; discuss sector policy problems; and establish a forum for regular interaction between industry, government, and regulators. CMSME is comparable to FICCI in terms of area of operations, with the main difference being a special concentration on Micro, Small, and Medium Enterprises in India.CASCADE
The FICCI Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE) was established on January 18, 2011, with the objective of educating consumers about the consequences of consuming smuggled, illegal, and counterfeit items across India. The organization is also involved in law enforcement capacity development and research.FICCI Full Form FAQs
What is the full form of FICCI in economics?
FICCI is the Federation of Indian Chambers of Commerce and Industry. This business association was founded in 1927.
Who started FICCI?
As advised by Mahatma Gandhi, GD Birla and Purushottam Das Thakurdas founded India's largest, oldest, and most powerful business organization in 1927.
Is the Chamber of Commerce local government?
Most chambers work alongside the government but are not the government.
What type of company is a chamber of commerce?
A chamber of commerce is a group of business executives who promote development and opportunity.
What is a CEOs salary in India?
The average salary of chief executives in India is ₹30,45,193 per year.
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