Counterfeit Woes

According to a recent report by FICCI’s Committee Against Smuggling and Counterfeiting Activities Destroying the Economy, the loss to the industry on account of illicit trade stood at Rs 105,381 crore in 2014, having grown 44 per cent over 2012 figures of Rs 72,900 crore. In terms of revenue loss to the government, the figures stood at Rs 39,239 crore and Rs 26,190 crore in FY2013-14 and FY2011-12, respectively.   The report lists auto components, alcoholic beverages, mobile phones, tobacco, FMCG products and computer hardware as the top seven fastest growing categories as far as illicit trade are concerned. Losses on account of illicit trade in alcoholic beverages and mobile phones have been the highest among these, having risen 151 per cent and 111 per cent, respectively.