India suffers huge loss from illicit trade: FICCI-CASCADE Report
New Delhi, June 13 (KNN) In India the total loss to the government on account of illicit markets in just seven manufacturing sectors is Rs 39,239 crores, an estimate according to report
According to the FICCI-CASCADE report, amongst the various sectors, the maximum revenue loss to the exchequer on account of counterfeiting and illicit trade is attributed to tobacco products (Rs. 9139 crores) followed by mobile phones (Rs 6705 crore) and alcoholic beverages (Rs 6309 crore).
Stating illicit products are adversely affecting Indian consumers, the total estimated loss to the industry is Rs 1,05,381 crores, an increase of 44.4%.
The report further mentioned that nearly 20% of accidents on Indian roads are caused by counterfeit auto-products. Further in the FMCG sector, 30% goods sold are fake and 80% consumers believe that they are using genuine products, it added.
Related Posts
Gold rods smuggled by passenger seized
Officials of the Customs Air Intelligence Unit seized cylindrical shaped gold...
Fake Flappy Bird apps a security risk
Scammers are cashing in on the demand for the now-defunct Flappy Bird app,...
Karen Millen fight stops £2.6m in online counterfeit sales
Fashion retailer Karen Millen has led an international anti-counterfeit campaign...
Special police staff bust racket of smuggling cigarettes from Dubai, arrest one person, seize cigarettes worth Rs 20 lakh
New Delhi , February 23 (ANI): Special police staff of the Central district on...