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
Undercover investigators highlight illicit tobacco trade in Gateshead
Illegal cigarettes seized as part of a raid on Tyneside could contain human...
Sellers facing charges for counterfeit items at flea market
19 people are facing charges from selling $1.5 million worth of counterfeit...
Man tries to smuggle gold in kitchen utensils, nabbed
Bengaluru: Gold smuggling from the Gulf and innovation go hand in hand. Late last...
Illegal smuggling of drugs, firearms on the rise
More firearms and drugs are illegally entering the country than ever before, a...