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
Fake currency notes worth Rs 50 lakh seized in Maharashtra, two from Gujarat held
Two people from Gujarat have been arrested in Maharashtra’s Navi Mumbai...
Fake currency notes with Rs 50,000 face value seized in Odisha’s Balangir, 2 arrested
Balangir: The Special Task Force (STF) of the Odisha Crime Branch today...
Anti-counterfeit boss calls for collaboration in fight against fake products
There is need to collaborate within government agencies and other major...
Launch of Coalition against Illicit Trade (CAIT) to Fight Global Counterfeiting and Smuggling
Today marks the launch of the Coalition Against Illicit Trade (CAIT), a new...