
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
Lawmaker urges House to probe tobacco smuggling
A PARTY-LIST lawmaker urged Wednesday members of the House of Representative to...
High Court upholds packaging norms for curbing export of fake drugs
The Madras High Court has upheld packaging norms introduced by the government in...
Fake goods on the rise in India; illicit trade increases 44% in two years, new report shows
A study from the Federation of Indian Chambers of Commerce and Industry (FICCI)...
Pair in court over counterfeit car goods
Standing side by side in the dock at Ballymena Magistrates Court on Thursday,...
