What is the full form of FICCI

FICCI: Federation of Indian Chambers of Commerce and Industry

FICCI stands for Federation of Indian Chambers of Commerce and Industry. It is the oldest and largest apex business organisation in India. It has closely witnessed India's struggle for independence, its industrialization, and the rapidly growing economy of India. FICCI was established in 1927 by G.D. Birla and Purushottam Das Thakurdas on the recommendation of Mahatma Gandhi. It is headquartered in New Delhi, India. As of August 2019, Mr. Sandip Somany is the president, and Uday Shankar is the Sr. Vice President of FICCI.

FICCI is an association of business organizations in India; membership is open to all Private and Public sector companies. It is a not-for-profit, non-government organization and is a great support to India's industry and business. It coordinates with policymakers and civil society and articulates the views and issues of the industry. Furthermore, it provides a platform for networking and consensus building within and across sectors and is the first port of call for policymakers, the Indian industry, and the international business community. It also supports and funds the government and non-government educational institutes in India.

Major Functions of FICCI:

1. It conducts economic research and promotes scientific research for the development of industry and commerce.
2. It supports and promotes business and technical education.
3. It is responsible for publishing periodicals for the dissemination of information to the business community.
4. It offers library facilities for its members.
5. It works to improve the competitive strength of the Indian industry by providing advice and information on quality improvement.
6. It conducts seminars and organizes conferences and workshops on important matters related to the business community.
7. It organizes foreign trips of trade delegations to explore foreign investment and takes part in the negotiation of bilateral trade agreements.
8. It also resolves disputes among member organizations through arbitration.

History

In order to give Indian businesses a venue to express their concerns and fight for their interests, a group of Indian entrepreneurs led by G.D. Birla created the FICCI in 1927. Indian businesses were finding it difficult to compete with British companies that dominated the market at the time because India was still a British colony. The FICCI was instrumental in pressuring the government to adopt laws that would encourage Indian companies and level the playing field.

FICCI has developed throughout time to keep up with India's shifting economic landscape and has broadened the scope of its purpose to encompass lobbying on a variety of topics, including trade, investment, taxes, infrastructure, energy, and education.

Objectives

Promoting Indian business interests and assisting in their expansion and development is FICCI's main goal. The following actions are taken by FICCI to fulfil this goal:

1. Policy Advocacy: FICCI works closely with the government to sway policy choices and is a steadfast supporter of pro-business measures. It offers the government input on different changes and policy efforts and makes suggestions for actions to enhance the business climate.
2. Research and Analysis: To offer useful insights to its members and the government, FICCI carries out research and analysis on a range of economic and business issues. Numerous subjects, including commerce, investment, taxation, infrastructure, energy, and education, are covered by its study.
3. Building Capacity: FICCI offers a range of training and capacity-building programs to improve the abilities and information of its members. In order to promote information exchange and networking among its members, it also conducts seminars, conferences, and workshops.
4. Global Engagement: To encourage business and investment between India and other nations, FICCI collaborates extensively with global associations and chambers of commerce. In order to facilitate business partnerships and collaborations, it also plans trade delegations and business missions.

Activities

To advance Indian businesses' interests and aid in their expansion and development, FICCI engages in a number of initiatives. The following are some of the main FICCI initiatives:

1. Policy Advocacy: FICCI promotes pro-business policies and reforms and offers the government comments on a range of policy initiatives. For instance, FICCI contributed significantly to the establishment of the Goods and Services Tax (GST) system in India and gave the government helpful suggestions on its planning and execution.
2. Research and Analysis: To offer useful insights to its members and the government, FICCI carries out research and analysis on a range of economic and business issues. For instance, FICCI's analysis of the consequences of demonetization on the Indian economy shed vital light on both the immediate and long-term implications of the program.
   3. Building Capacity: FICCI offers a range of training and capacity-building programs to improve the abilities and information of its members. For instance, FICCI's program on corporate social responsibility (CSR) aids companies in comprehending the idea and successfully putting it into practice.
3. Global Engagement: To encourage business and investment between India and other nations, FICCI collaborates extensively with global associations and chambers of commerce. For example, FICCI's cooperation with the United States India Commercial Council (USIBC) helps foster commercial ties and collaborations between Indian and American enterprises.
4. Events and Conferences: FICCI hosts several events and conferences to promote networking and information sharing among its members. For instance, the FICCI Annual Convention, the organization's signature event, provides a forum for experts, business executives, and policymakers to discuss the main challenges facing the Indian economy and consider opportunities for expansion and development.
5. Social Issue Advocacy: FICCI also supports causes related to healthcare, education, and gender equality. For instance, the Women Wing of FICCI is dedicated to strengthening women in the workplace and supporting women's entrepreneurship. In order to raise the standard and accessibility of healthcare in India, FICCI also sponsors programs like the FICCI Heal Conference.
6. Initiatives Targeting Specific Industries: FICCI has a number of sector-specific committees and programs that strive to advance the interests of companies in a range of industries. For instance, the FICCI Real Estate Committee promotes legislation that would help India's real estate market expand and flourish.

Conclusion

A non-governmental, non-profit organization called the Federation of Indian Chambers of Commerce and Industry (FICCI) was founded in 1927 to give Indian businesses a forum to express their issues and promote their interests. FICCI has developed throughout time to keep up with India's shifting economic landscape and has broadened the scope of its purpose to encompass lobbying on a variety of topics, including trade, investment, taxes, infrastructure, energy, and education. In addition to offering its members insightful information and training, FICCI plays a critical role in advancing pro-business laws and changes. Research, capacity building, and international involvement are just a few of its efforts. In addition to promoting social causes, FICCI maintains a number of committees and activities that are industry-specific. In summary, FICCI continues to be an essential forum for Indian businesses, advocating their interests and fostering their expansion and development.