During the hostile days for economic development, IMC laid the foundation. It speeded up industrialisation, attainment of fiscal autonomy, establishment of an Indian Mercantile Marine, reservation of coastal trade for Indian shipping,indianisation of administrative services and training of Indian youths in industrial technology. It helped establish institutions of business infrastructure such as Indian Mercantile Insurance company, Swadeshi Stores and Sydenham college of Commerce.

Before IMC came into being, the Indian commercial community had no organisation. Its opinion on matters of even vital interests to it went by default. The government accepted the Bombay Chamber of commerce as representing the whole commercial community of Bombay, although the Bombay chamber was predominantly European. The desire to fight back alien interests slowly built up after the birth of the Indian National Congress in 1885 and culminated in the establishment of Indian Merchants' Chamber 22 years r.

Among those bold and imaginative men were Sir Munmohandas Ramji, who founded the Chamber, Sir Purushottamdas Thakurdas, Sir Dinshaw Wacha, Sir Ibrahim Rahimtoola, Shir Girdhardas Jethabhai, Sir Vithaldas D. Thackersey, Shri Madhowji Thackersey and Sir Fazalbhoy Currimbhoy. They led the chamber in the direction of unshackling the Indian economy from subservience to British interests.

Sir Munmohandas Ramji became the first elected representative of IMC on the legislative council. IMC then played a very active role in breaking the monopolies, City planning and shaping policy decisions.