NEW DELHI: The Associated Chambers of Commerce and Industry of India (Assocham) has completed 100 years of its existence. The industry body held an event based on the theme of 'New India Aspiring for a $5-trillion economy' on Friday. This comes in the backdrop of many economic leaders raising doubts over the functioning of the economy and slow growth. Recently, International Monetary Fund (IMF) chief economist Gita Gopinath stated that the international organisation may 'significantly' cut India's growth estimates in January 2020. Many India Inc leaders have also asked the government to take measures to augment ease of doing business to "create more freedom for the industry to perform". Here's all you want to know about Assocham:
When Assocham was formed Assocham initiated its endeavour of value creation for Indian industry in 1920. It has more than 200 chambers and trade associations and around 4,50,000 members from all over India. The body contributed significantly by playing a catalytic role in shaping up the trade, commerce and industrial environment of the country.
How many council Assocham has Currently, the industry body has over 100 national councils covering the economic activities in India.
How Assocham operates Through its heterogeneous membership, Assocham combines the entrepreneurial spirit and business acumen of owners with management skills and expertise of professionals to set itself apart as a Chamber with a difference.
How Assocham contributes to the economy It has been a significant contributory factor in the emergence of newage Indian corporates, characterised by a new mindset and global ambition for dominating the international business.