44% increase in manufacturing sector losses due to illicit trade: study
Illicit trade in seven major manufacturing sectors has increased industry losses by 44 per cent in two years, said a study. Government tax (direct and indirect) losses have also increased almost 50 per cent to Rs 39,239 crore in 2014, from Rs 26,190 crore in 2012 due to this.
Federation of Indian Chambers of Commerce and Industry (Ficci) and the Committee Against Smuggling And Counterfeiting Activities Destroying the Economy (Cascade) commissioned the study, which focused on seven prime manufacturing sectors — auto components, alcoholic beverages, computer hardware, fast moving consumer goods (personal), FMCG packaged foods, mobile phones, tobacco and media and broadcasting.
Related Posts
Illinois cigarette smuggling ranks 14th in the nation, study says
Illinois has the 14th highest cigarette smuggling rate in the country. That's...
Interpol cracks down on fake liquor, tainted food products
A global police crackdown has seized over 10,000 tons of illicit or dangerous...
2 held with counterfeit leather goods
Kanpur: In a breakthrough, the police arrested two men for selling counterfeit...
£110k cash handover leads to smuggling gang downfall
A south Armagh man who unwittingly brought down a UK crime gang after he was...