
Fake Goods, Smuggling Caused Rs 1.17 Lakh Cr Loss, Cost 16 Lakh Jobs In 2017-18: FICCI Report
Experts believe that if the problem of counterfeiting, smuggling and piracy continue to go unchecked, it could threaten to subvert the economic and societal stability of countries across the world.
Counterfeiting and smuggling have caused a loss of Rs 1.17 lakh crore to the Indian economy in 2017-18 in five key industries — textiles, tobacco products (cigarettes), readymade garments, capital goods (Machinery and Parts), and consumer (Electronics) durables.
The industry body, the Federation of Indian Chambers of Commerce and Industry (FICCI), has said in its latest report released at an international conference in Delhi on Thursday.
Titled as ‘Invisible Enemy: Impact of Smuggling on Indian Economy and Employment’, the report further estimates that the total livelihood opportunity lost in these five sectors is about 16.36 lakh in 2017-18.
Capital goods (machinery & parts) industry suffered the most with Rs 52,511 crore loss which rendered 6.12 lakh workers jobless. Consumer (Electronics) durables industry was the second highest with Rs 21,452 crore loss to its business.
Related Posts
Ship captain fined €600 over discovery of three million ‘contraband cigarettes’ onboard
A court has fined the captain of a merchant ship €600 for submitting a false...
Chhattisgarh: Liquor Worth over Rs 42 Lakh Seized in Narayanpur Amid Uproar over Liquor Scam
"Acting on a precise tip-off, a police team from Narayanpur intercepted a truck...
Factory manufacturing fake auto parts busted in Outer Delhi
Delhi Police busted a factory manufacturing fake automobile parts in Outer Delhi...
P190 million worth of counterfeit goods seized in Valenzuela City — BOC
The Bureau of Customs (BOC) on Tuesday said it has confiscated various alleged...