The Federation of Indian Chamber of Commerce and Industry is the largest business network in India. Back in 1927, FICCI was established to contribute to the Indian economy and help the industry grow at an immense speed. In recent years, industrialization has been a focal point for all businesses in India, and FICCI is focusing on providing resultful and reliable solutions to make the idea become real. 

When Was FICCI Established?

FICCI is a 95 years old business group that consists of business professionals, managers, executives, and enthusiasts. It was established in 1927 by Ghanshyam Das Birla and Purshottamdas Thakurdas. The headquarters office is located in New Delhi, India, and it serves a wide range of services to almost all types of businesses and trade activities. 

It's good to know that the federation of Indian chambers of commerce and industry is a business network of more than 250,000 companies and provides its services to Indian or international companies. FICCI provides its professional consulting services to a large number of industries, including agriculture, health, entertainment, arts, digital transformation, and clean energy.

What is the Role of FICCI?

FICCI is a non-governmental trade association based in India. It's a proudly successful business organization that maintains a wide variety of business counseling services for its members and other companies that need assistance and consulting services. 

We can call FICCI an advocacy group and a network of chambers of commerce that emphasizes providing services for both private and public sectors. In other words, the federation of Indian chamber of commerce has acquired its members from both private and public businesses to build a regional network of businesses and chambers of commerce. 

Teaming up with business professionals and well-known business organizations, FICCI has a presence in 12 states in India, and it is actively working in other countries, including Europe, the United States, and Canada. The expansion of the FICCI organization into international markets has provided a great opportunity to solve global issues and international business challenges. 

Chamber of Commerce and International Businesses

The relationships between FICCI and the United States and Canada have expanded in recent years. The federation of Indian chamber of commerce and industry is working closely with international businesses and companies to strengthen international relationships and provide long-standing solutions to global challenges. 

FICCI holds several events and trade exhibitions every year to bring all active and in-service businesses together. It has strong connections with companies and businesses in North America, Europe, East Asia, South Asia, and Latin America.

Different Sectors of FICCI

There is a comprehensive list of industry sectors that the federation of Indian chamber of commerce is working on. All in all, FICCI focuses on around 70 industry sectors that include strategic and essential industrial companies in India and other countries. 

1. Agriculture

Agriculture is an important industry sector in India, and the market size for the agriculture industry is estimated to surpass $276bn. With more than 45 million ha under the cultivation of rice and more than 31 million ha under the cultivation of wheat, these 2 crops are the major agricultural crops in India. 

Now FICCI focuses on agriculture policies to design highly optimized and trustful plans. There are many efforts done by the federation of Indian chamber of commerce to help business owners maximize farm income and eliminate potential issues related to the agriculture industry in India. 

2. AI & Digital Transformation

Artificial intelligence and digital transformation have changed the way of doing business with highly optimized methods. India's IT industry is responsible for around 7.4% of GDP, and there has been a huge increase in technology and science patent registrations in recent years. 

The number of AI patents in 2020 was more than 1400, and the cloud service market size surpassed the value of $7.3 billion this year. The federation of chamber of commerce is helping industrial companies and tech startups in the country to step up to the next level of development and growth. 

3. Arts & Culture

Arts & culture are inseparable parts of Indian society, and FICCI aims to develop proven strategies that provide high growth and high quality in this sector. This organization focuses on native arts and cultural products and services by partnering with public and private business sectors.

Teaming up with industry experts and artists, FICCI is putting effort into engaging artists and historians to grow the industry, and there can be a flourishing future in the art history of India.

4. Clean Energy

Statistics show a remarkable development in installing clean energy facilities and equipment throughout India. Now, the energy sector in the country consists of around 147 GW of renewable energy capacity, representing roughly 40% of all power capacity in the country.

In the case of electrical power production, FICCI plays an important role in offering innovative solutions that lead to making the sustainable development idea real.

5. Health

There are critical subjects when it comes to the health industry in the country. Recent developments are not enough yet, and the future plans for the health industry must pay off more than what we have now. 

The federation of chamber of commerce and industry is working vastly on offering solutions that solve the shortage of beds and skilled medical professionals. It says there is an essential need to provide better healthcare services and understand patient expectations that generate quality healthcare for all. 

6. Manufacturing

According to Statista, the manufacturing industry is responsible for more than $1,000 billion in 2022. Note that the total number of enterprises in this industry sector exceeds 440,000 and is expected to increase at immense speed in the near future. 

IBEF says the country could become a global manufacturing hub by 2030, producing a remarkable amount of manufacturing products in the region. FICCI manufacturing committee has been designed to help business owners and companies get rid of common concerns by offering new policies and solutions. 

Final Thoughts 

The FICCI is a group of business professionals in India that acts like a chamber of commerce. Chambers of commerce emphasize sustainable development, and they help design creative procedures for today's industry challenges. The federation of Indian chambers of commerce and industry consists of different sectors, including healthcare, manufacturing, education, and energy production. There is a long-term prospect for FICCI to establish a better future that gives a robust economy coupled with the sustainable development idea.