Choose the given statement as true/false:

Two industrial organizations were established by Indian merchants and industrialists to protect their business interests.

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Detailed Solution

The statement mentioned above is true.
During the First World War, Indian business people and manufacturers generated enormous profits and prominence. They reacted to colonial rules that restricted business operations to expand their business. They desired protection against foreign goods imports and a rupee-sterling foreign exchange ratio that discouraged imports. They founded the Indian Industrial and Commercial Congress in 1920 and the Federation of Indian Chambers of Commerce and Industries (FICCI) to consolidate corporate interests in 1927. The industrialists, led by famous industrialists such as Purshottamdas Thakurdas and G. D. Birla, opposed colonial authority over the Indian economy and initially supported the Civil Disobedience Movement.

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