The Fourth Session of the Indian Industrial and Commercial Congress was held at Calcutta from the 31 December, 1926 to 2 January, 1927 under the presidentship of Sir Dinshaw M Petit. The resolution approving the constitution of the Federation of Indian Chambers of Commerce was proposed by Sir Purshotamdas Thakurdas and seconded by Prof Benoy Kumar Sarker. Amongst the speakers commending the resolution was Pandit Madan Mohan Malaviya.
The Federation had come into existence after almost 22 years of hibernation. Two years later, the name was changed to the Federation of Indian Chambers of Commerce and Industry, thus emphasizing its character as representative not only of commerce but also of Industry.
The Federation, from its very inception, was treated as a platform for redressal of not only the immediate grievances of industry and trade but also a forum for generating public opinion on larger issues that affected the Indian economy.
The Federation acquired a large and rapidly increasing representation from all parts of India. Some of the members of the Federation like the Indian Chamber of Commerce, Calcutta, the Southern India Chamber of Commerce, Madras, the UP Chamber of Commerce, Cawnpore, the Ahmedabad Millowners' Association, the Bombay Shroffs' Association and the East India Jute Association, Calcutta, were very large organizations