Indian Chambers of Commerce, Roles, Objective and Functions
Read the working, role, and purpose of the Indian Chambers of Commerce in the trade and commerce of the country.
Izhar Ahmad25 Dec, 2023
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Indian Chambers of Commerce: The trade business in India is regulated by the Ministry of Finance and the Ministry of Commerce and Business. In addition, there are non-profit, voluntary organizations such as the Indian Chambers of Commerce and Industry that work alongside the government to facilitate better domestic trade practices in the country. These groups aim to create a more favorable environment for conducting trade within India.
Internal trade, also called domestic trade, is a key component of any business. A flourishing trade sector serves as a sign of economic health. Consequently, it is natural that the government places a high importance on promoting and protecting internal trade—an aim shared by the Indian Chambers of Commerce.Also Read- How Government Policies Affect Businesses?
What are the Indian Chambers of Commerce?
The government manages India's trade industry through the Ministry of Commerce and Industry and the Ministry of Finance. However, to provide support, Indian chambers of commerce and industry, typically voluntary and non-profit groups, work with the government to promote internal trade. Among these, the Federation of Indian Chambers of Commerce & Industry (FICCI) holds an important place. Established in 1927, it stands as the country's oldest business organization. Functioning as a non-profit and separate organization, FICCI is a platform for discussions and a meeting ground for industry leaders and lawmakers. FICCI is committed to solving and fighting for industry-related issues. Another important body among the various Indian chambers of commerce and industry is the Associated Chambers of Commerce and Industry of India (ASSOCHAM). Since its start in 1920, ASSOCHAM has effectively represented the interests of business and the internal trade sectors in India.Objectives of Indian Chambers of Commerce
The objectives set by the Indian chambers of commerce include:- Providing regulating views on different areas of the national economy to help in fiscal decision-making.
- Notifying the government about the effects of various laws and rules on business.
- Compiling and sharing useful information to users.
- Offering expert feedback to the government on issues relating to trade, industry, and commerce .
- Consulting with both central and state governments on problems related to commerce, industry, and trade.
- Safeguarding the rights of the entire business community.
- Promoting teamwork among group members.
Also Read- What is Commerce? Meaning, Types, Examples
Functions of Indian Chambers of Commerce
The Indian Chambers of Commerce and Industry play an important function in supporting domestic trade through different initiatives: Agriculture Marketing: Organizations representing agriculturists and other associations play an important role in improving the marketing of farm goods. Standards and Measures: Guaranteeing compliance to standards, including laws protecting brands and stopping brand copying, is important to protect the interests of both customers and business owners. Octroi and Municipal taxes: Collection of taxes at state or municipal boundaries and on goods requires careful control to make sure it doesn't hinder local trade and efficient transport, a duty shared by both the government and houses of commerce. Excise Duty: Given that central excise is a major source of income for the central government, these chambers work with the government to simplify excise duties, noting the impact of tax policies on costs. Harmonization of Tax Structures: Collaboration with the government is crucial for the Indian Chambers of Commerce and Industry to work towards harmonizing sales tax structures across different states. Interstate Movement: These chambers actively support efforts linked to the interstate movement of goods, including areas such as car registration, mass transit rules, and road building. Infrastructure Development: The creation of solid infrastructure, that includes roads, ports, trains, and energy, is important in promoting trade. Labor Regulations: Advocating for clear and open labor laws is beneficial for controlling businesses, improving production, and creating employment. Engagement with the government on topics such as labor rules and layoffs is a normal practice.Looking for the Best Commerce Coaching?
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List of Indian Chambers of Commerce
Here is a list of a few Indian Chambers of Commerce:- The Southern Gujarat Chamber of Commerce and Industry serves as the central group for trade and business, acting as an important hub.
- The Indo-French Group of Commerce and Industry, founded in 1977, stands as the main foreign business group promoting ties between India and France.
- The Indo-German Chamber of Commerce plays a key part in easing trade ties between India and Germany, giving help in import and export issues.
- The Indo-American Chamber of Commerce, based in Mumbai, works on supporting industrial, economic, business, and commercial operations through mutual efforts.
- The Indian Chemical Merchants and Manufacturers Association, based in Kolkata, actively supports foreign investment and trade efforts.
Indian Chambers of Commerce FAQs
What is the role of the Indian Chamber of Commerce?
It facilitates the inter-state flow of goods by providing vehicle registration and road building.
What was the name of the first Indian Chamber of Commerce?
The first Indian Chamber of Commerce was the Federation of Indian Chambers of Commerce and Industry (FICCI).
When and who founded the Indian Chamber of Commerce?
G.D. Birla and Purshottamdas Thakurdas founded the company in 1927 on the advice of Mahatma Gandhi.
Who is the current Commerce Minister of India?
Piyush Goyal of the Bhartiya Janata Party is the current Minister.
Which legislation does FICCI fall under?
It is a self-governing organization formed under the Indian Society Act XXI of 1860 and funded by the Ministry of Food Processing Industry, Government of India.
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