India’s FICCI Proposes Blockchain Portal to Unify Trading Operations Ahead of Union Budget 2024-2025
The Indian government is set to present its union budget for the fiscal year 2024-2025 on July 23, and ahead of the announcement, the Federation of Indian Chambers of Commerce and Industry (FICCI) has proposed the creation of a blockchain portal to unify all trading operations across India. The industry body believes that this portal will link shipping lines, logistics providers, banks, and customs with each other, providing a single dashboard for simplified cross-platform connectivity and internal communication.
According to FICCI, the blockchain portal will also bring ease to the exporter community by allowing them to engage with India’s commerce and streamline processes to reduce the pressure of compliance. The proposal is part of FICCI’s budget suggestions for the finance ministry, which also includes recommendations for increasing cross-border paperless trade activities and implementing electronic exchange of documents.
Sharat Chandra, Founder of EmpowerEdge Ventures, commented on the proposal, stating that blockchain technology can bring increased transparency, efficiency, and security to 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."
This is not the only suggestion that FICCI has extended to the finance ministry, which hints at a pro-Web3 approach. The trade body has also recommended allocating adequate budget for research and development around newer technologies, including blockchain, AI, quantum computing, cyber security, and privacy technology.
As the government considers these proposals, it is crucial that they prioritize the implementation of forward-thinking initiatives to unlock the full potential of blockchain in trade and commerce, noted Chandra.
The Indian government has previously acknowledged the potential of blockchain technology across sectors, including e-governance, healthcare, and finance. With FICCI’s proposal, the country may be taking a significant step towards harnessing the power of blockchain to streamline its trade operations and promote economic growth.
