The chamber waged a continual battle for fiscal autonomy that was only to end when india became independent. The fiscal policy of india was based on the principles of "free trade" which in effect meant licence to British Industry for exploiting India.

The First world war had proved this when india was left high and dry and had import goods that it could well have produced itself. The chamber's appeals to the government to aid industrial development were of no avail and it was forced to conclude that no industries could survive without fiscal autonomy and that fiscal autonomy was impossible unless the country became free.