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
8 checks to ensure your pesticide is not a fake
Growers are being urged to check their pesticides are genuine ahead of the...
FBI gives pointers on spotting fake cosmetics
Counterfeit cosmetics are increasingly being found in the US and in some cases...
‘Fakes’ worth P11.8M destroyed at Crame
Authorities on Thursday destroyed some P11.8-million worth of counterfeit goods,...
Police Seize Over 280 Bottles Of Smuggled Liquor
Police in Nyabihu District have impounded 287 bottles of smuggled liquor after it...