A vigorous advocate of free enterprise, Shroff founded the Forum of Free Enterprise. He mobilised the opinion of leading industrialists and businessmen against Nehru.s socialist views way back in 1936. He was a member of the National Planning Committee set up in 1938. Later in 1944, he along with leading industrialists, authored the Bombay Plan. He believed in planning but not to the extent that it stifled individual initiative. At the same time, he urged business and industry to be more responsible in their actions and was instrumental in evolving a code of conduct for businessmen.