India suffers huge loss from illicit trade: FICCI-CASCADE Report
New Delhi, June 13 (KNN) In India the total loss to the government on account of illicit markets in just seven manufacturing sectors is Rs 39,239 crores, an estimate according to report
According to the FICCI-CASCADE report, amongst the various sectors, the maximum revenue loss to the exchequer on account of counterfeiting and illicit trade is attributed to tobacco products (Rs. 9139 crores) followed by mobile phones (Rs 6705 crore) and alcoholic beverages (Rs 6309 crore).
Stating illicit products are adversely affecting Indian consumers, the total estimated loss to the industry is Rs 1,05,381 crores, an increase of 44.4%.
The report further mentioned that nearly 20% of accidents on Indian roads are caused by counterfeit auto-products. Further in the FMCG sector, 30% goods sold are fake and 80% consumers believe that they are using genuine products, it added.
Related Posts
Counterfeiting a Major Problem in Cameroon
YAOUNDE — The government of Cameroon said international trade in counterfeit and...
Doncaster trading standards officers seize 85,000 counterfeit cigarettes in black market clamp down
More than 85,000 fake cigarettes – plus 40kg of illicit rolling tobacco – have...
Tobacco smuggling gang jailed
A five-strong tobacco smuggling gang, which brought more than 12 million illicit...
Too good to be true: the real price of fake products
When we hear the word counterfeiting we tend to think of criminal gangs printing...