In a nation’s development, the role of this commerce and industry is very crucial towards the development of the economy. Due to the development of Commerce and Industry, the internal trade eventually heightens its pace of development. AS we know, this commerce and industry have a vast expansion in its own and thus they also have a chamber associated with their function.
In this section, we will know about that distinct chamber or the department which regulates the growth of commerce and industry in our nation India.
The Federation was established in the year of 1927, FICCI is the largest and the oldest apex business organisation in India. Its history is closely connected with India's struggle for independence, its industrialization pace after the independence, and its emergence as one of the most rapidly growing global economies of the world.
This is a non-government, non-profit organisation, FICCI is the pillar of India's business and industry. From influencing business policy to encouraging the debate on the industries, engaging with policy makers and with the civil society, FICCI views and concerns of industry are vivid. It serves its members from the Indian private and public corporate sectors and the MNCs as well, drawing its strength from the regional chambers of commerce and industry across states.
FICCI provides the platform for networking and building of consensus within and across sectors and is the first port for Indian industry, policy makers and the international business.
The Chamber of Commerce are required to perform different functions, the functions based are as follows:
The chamber performs analyses, also provides information and renders the consulting services to the public bodies.
They also provide support in the development of the projects regarding the country’s economy;
They organize and upkeep the non-governmental trade register of its members.
They organize meetings and also establish the business contacts between the economic agents.
The Chamber organizes and supports the participation of the local economic agents at trade fairs and exhibitions abroad as well.
Organizes specialized exhibitions and trade fairs within the country.
Also, on request of home and foreign economic agents, they provide specific mentioned services.
Performs expertise services of the contracts regarding the projects between local economic agents, and agents from abroad upon their request only.
The List of Chambers of Commerce in India are as Follows:
This is the apex organization for Trade and Business and this serves at its nodal point.
This was created in 1977, which is the leading bi-lateral business chamber.
This Chamber facilitates the Trade relations of India and Germany by providing assistance in the areas of import and export.
his is the chamber bilateral to the promotion of Industrial, Economic, Business and Commercial Activities which is situated in Mumbai, India.
This is located in Kolkata, India which also promotes foreign investment and trade promotions.
The Department of Commerce and Industries is responsible for overall development of various industrial and commercial activities in the state. The Department plays a developmental and facilitation role to attract the industrial investments in the state. It focuses on creating an industry friendly environment and formulate suitable policies in the State aimed at propelling fast pace modernization and also to strengthen the industrial units.
The Department provides an interactive platform for the synergistic coordination between the investors and the State Government. The Department is also supported by its subsidiaries in the form of Agency, Board and Corporative.
1.What is the Full Form of FICCI?
Ans. The full form of FICCI is Federation of Indian Chambers of Commerce and Industry which was established in the year 1927, to provide the apex centre for the commerce and industry in India. To regulate the structure the federation was built. Owing to the fact that trade and commerce goes a great deal to the nation’s contribution in its GDP hence this structure regulates the entire system.
2.What are MNCs?
Ans. MNCs is the abbreviation for Multi National Corporations which is actually a company whose business is extended over the globe; the corporation have their business units located in various parts of the world. The line of business runs in a wide spread medium and so its functions too.
3.What is the Ministry of Commerce and Industry?
Ans. The Ministry of Commerce and Industry regulates two departments, the Department of Commerce and the Department for Promotion of Industry & Internal Trade. The head of the Ministry of Commerce and Industry is a Minister of Cabinet rank.
4.Who is the Current Commerce Secretary of India?
Ans. Secretary Anup Wadhawan is the current commerce secretary of India. Commerce Secretary Anup Wadhawan said in his recent statement that the current slowdown in exports is mainly due to a decline in the petroleum products, which constitute 13.42 percent of overall outward shipments.