QS Study

The Chamber of Commerce and Industries

The co-operative society which is formed by the business persons and industrialists of any particular area with the view to developing the commerce of that area and for their own welfare, then that co-operative society is called the chamber of commerce. Chamber of commerce is a voluntary, non-profit and non-commercial organization with a view to developing the industry and commerce of any area, place or country. The chamber of commerce is formed and directed co-operative limited company under the current Company Act-1994 of the country. The industrialists, businessmen, bankers, auditors, lawyers and different business organizations of any particular area become its members. The chambers of commerce of different areas and localities together form a federal organization.

Scholars’ definitions of Chamber of commerce

M.C. Shukla: “Chambers of Commerce is voluntary non-profit associations of people in the trade, commerce and industry.”

S.S. Sarker, R.K. Sharma and S.S. Gupta: “A chamber of commerce is an association of persons engaged in commerce, trade and industry for protecting their interest and promoting their common causes.”

Encyclopedic Dictionary of Commerce: “Chamber of commerce is an association of business and professional men and women and of trade and professional organizations formed to promote the interest of the business community.”