A chamber of commerce is an organization that links businesses together. These organizations work as business networks to enhance the country’s economy by supporting these businesses. They play different roles and offer a variety of services. However, most of them have a similar aim. Members join the community and expand it by partaking in the organization’s activities. In India, the prime chamber is the Indian chamber of commerce or the ICC. The ICC is providing business-related services to the country for over eighty years now. The ICC plays a big role in India’s economy. In this article, we want to go over the role of this chamber and learn what it exactly does. Come along!
The Indian Chamber of Commerce: where does it stand?
The ministries of commerce and finance in India take care of the business and trade sector of the country. However, Indian chambers aim to help with this process. The Indian Chamber of Commerce is an organization that works directly with the government and aims to link businesses together while collaborating with other firms such as banks, financial companies, non-profit organizations, and big investors to build a bigger community for India’s trading, finance, and business.
Roles of the Indian Chamber of Commerce in the business industry
The Indian chamber of commerce plays an undeniable role in the expansion of India’s trade industry. By working with different government agencies, this organization acts as a practical helping hand for India’s economy. Let us take a look at some of the most important roles and functions of this chamber:
- Taxes, fees, and levies
Taxes are a big source of the country’s income; therefore, it is important to dedicate extra consult and concentration to the goods that enter a state. Taxes and levies are also important factors when it comes to internal trade. Therefore, the effect that the chamber of commerce has on this aspect is almost vital.
The Indian chamber of commerce dedicates a big part of its focus to the Tourism and Travel sector. By holding important initiatives for this industry each year, the section focuses on different aspects and policies of India’s tourism and supports this very important source of income.
- Inner state transportation
The inner state transport of products and goods revolves around plenty of policies. Now, the Indian chamber assists in a few of the logistical issues that these policies face. Insurance requirements and vehicle registrations are among these issues. By promoting transport facilities, the chamber affects this industry furthermore.
- Agro and food
Considering the importance of the agro-industry in India’s economy, the ICC created a forum consisting of all the agro and food processing industry stakeholders. By representing different aspects and interests of the agriculture industry, the chamber provides trade association to the marketplace.
Healthcare is one of the most important and fastest growing sectors in all countries around the world. Therefore, focusing on this industry is crucial for the Indian chamber of commerce. The Indian healthcare market is worth more than $200 billion. The ICC has a ‘healthcare core group’ with significant members from different aspects of the health industry in the country. Medical tourism, healthcare skill developments, and technology advancements are among the main roles of the ICC in the healthcare industry.
- Labour laws
The Indian government enhances the importance of concentrating on different aspects of labor in the country. This is a crucial topic, which requires improvements all the time. An organization such as the chamber of commerce makes sure the government is making effective changes by involving all parties and considering all aspects.
The Indian education sector is among the largest ones in the world. The process of globalization for higher education develops new issues for the government; therefore, the Indian chamber of commerce aims to set initiatives to simplify this process while making sure the government provides the best educational services in the country.
An organization such as the ICC helps with laws and policies regarding metrology as well. This is an industry related to measures and weights. This is somewhat of a third party that makes sure that neither the buyer nor the seller performs a trick or cheats in the process. Plus, by paying attention to copyright policies, they make sure that bands and their products are legally in the market.
In India, coal is the most important fossil fuel. However, with the rising population of India and considering `the need for more energy sources, the government’s approach should also improve. Professionals expect coal to stay the main energy source of India due to many factors. Therefore, the Indian Chamber of Commerce decided to dedicate particular initiatives to coal and producing energy from it.
- Safety and Security
Throughout the years, India always successfully faced different financial crises and grew among the circumstances. However, with the world facing new problems and changing forms, India and the government must keep all the risks away from the economy, to support this growth and expansion furthermore. That is another one of the main roles the Indian Chamber of commerce plays. A few of these initiatives and activities are setting new life-saving safety measures, knowledge sharing in different aspects, setting policies regarding fire safety and spreading awareness, etc.
The Bottom Line
A chamber of commerce works as a helping hand for the country’s government. By providing different services, these organizations aim to develop new policies and expand a country’s economy. The Indian chamber of commerce is among the chambers that strictly focus on this growth and expansion. By playing several different rules in the financial and trading industry of the country, the ICC ensures that these aspects receive extra support and concentration. Working with other organizations, government agencies such as banks, and important people in the marketplaces, the ICC expands its community and networks through India to keep the economy alive and better than ever. The roles of this organization are undeniable.