Q. Consider the following statements with reference to Economic pressure groups:
1. Business groups were established in India only after independence as the British did not allow formation of such groups.
2. The Associated Chamber of Commerce and Industry of India (ASSOCHAM) was founded in Mumbai after the Balance of Payment crisis faced by India in 1991.
Which of the statements given above is/are incorrect?
Exp) Option c is the correct answer.
The business groups include a large number of industrial and commercial bodies. The business groups include a large number of industrial and commercial bodies. They are the most sophisticated, the most powerful and the largest of all pressure groups in India.
Statement 1 is incorrect: In India the British merchants established the Chamber of Commerce in 1830s. In 1926, it was decided to established a national Indian business organisation. In the following year the same business organisation became the Federation of Chambers of Commerce and Industry. The support of the wealthy businessman like G.D.Birla made this business group an important and influential force.
Statement 2 is incorrect: ASSOCHAM was founded in 1920 and is headquartered in New Delhi. The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is India’s primary business association representing businesses, state chambers, and business associations.
