FICCI Lists Pro-Blockchain Suggestions Ahead of Upcoming Union Budget: Details

The Federation of Indian Chambers of Commerce and Industry (FICCI) has proposed a blockchain-based portal for trading activities.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 17 July 2024 09:24 IST

FICCI Lists Pro-Blockchain Suggestions Ahead of Upcoming Union Budget: Details

Photo Credit: Facebook/ @FICCI

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Highlights

FICCI urges fintech tweaks for cross-border paperless trade activities
FICCI calls for budget allocation for R&D on blockchain, AI
India to get its union budget for FY 2024-2025 on July 23

The Indian government is set to present the union budget for the fiscal year of 2024-2025 on July 23. Ahead of the upcoming budget announcement, Federation of Indian Chambers of Commerce and Industry (FICCI), India's non-government trade and commerce body, has extended a proposal to create a blockchain portal that will unify all trading operations across India, while adhering to legal compliances. The Indian government has in the past acknowledged the potential of blockchain technology across sectors, including e-governance, healthcare, and finance among others.

In a post on X, FICCI published its budget suggestion for a single blockchain-based portal for all trade-related compliances. The industry body believes that such a portal will link shipping lines, logistics providers, banks, and customs with each other – providing members of India's commerce and trade sector one dashboard to simplify cross-platform connectivity and internal communication.

The portal, as per FICCI, could also bring more ease to the exporter community to engage with India's commerce and streamline processes to reduce the pressure of compliance.

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In its post on X, FICCI has mentioned FM Nirmala Sitharaman as well as the Ministry of Finance to bring their notice to the body's expectations from the upcoming budget.

Develop blockchain-based single portal for all trade-related compliances. Streamline export processes.#BudgetExpectation #BudgetWithFICCI @FinMinIndia @nsitharaman @nsitharamanoffc @DDNewslive @DDNewsHindi @PIB_India @PIBHindi @airnewsalerts @AIRNewsHindi pic.twitter.com/vmmhgSFoF0
— FICCI (@ficci_india) July 15, 2024

In conversation with Gadgets360, Sharat Chandra, Founder of EmpowerEdge Ventures, said that through blockchain, the industry can benefit from increased transparency, efficiency, and security in trade operations.

“It is heartening to see industry bodies like FICCI taking the lead in advocating for the adoption of cutting-edge technologies,” Chandra said. “FICCI's recommendations demonstrate a commitment to drive progress and create an environment conducive to co-creation and innovation.”

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This is not the only suggestion that FICCI has extended to India's finance ministry that hints at a pro-Web3 approach.

In another post on X, the trade body noted that increasing cross-border paperless trade activities and implementation of electronic exchange of documents was the need of the hour.

As we know, information stored on a blockchain is tamper-proof, which brings a rather thick layer of transparency to logged details saved on the network. Facilitating the exchange of documents through blockchain networks would not only make the transfer transparent, but also keep the sensitive data more secured against malicious actors.

Increase cross-border paperless trade. Implement electronic exchange of trade documents#BudgetExpectation #BudgetWithFICCI @FinMinIndia @nsitharaman @nsitharamanoffc @DDNewslive @DDNewsHindi @PIB_India @PIBHindi @airnewsalerts @AIRNewsHindi pic.twitter.com/2vkR3jm63z
— FICCI (@ficci_india) July 15, 2024

FICCI also recommends that adequate budget needs to be allocated towards the research and development around newer technologies including blockchain, AI, quantum computing, cyber security, and privacy technology.

“Outline vision for tokenisation of assets like real estate and corporate debt on blockchain. Allocate seed capital for industry utilities for cyber frauds, money laundering, and climate risk data,” FICCI posted on X, quoting Saurabh Tripathi, Chair, FICCI Fintech Committee and Global Leader, Financial Institutions, BCG.

FICCI's #BudgetExpectation for the #FinTech sector:

◉ Create conducive environment for AI-based innovation in local economy

◉ Incentivize exports of software services

◉ Allocate budget for public-private joint investment in R&D for AI, blockchain, quantum computing,… pic.twitter.com/S2pt0AeL3Y
— FICCI (@ficci_india) July 15, 2024

“As the government considers these proposals, it is crucial that the government prioritises the implementation of such forward-thinking initiatives to unlock the full potential of blockchain in trade and commerce,” Chandra noted.

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Further reading: Cryptocurrency, Blockchain, FICCI, Union Budget

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More