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
Men jailed for cigarette smuggling after getting caught at Dover docks
Video footage reveals the moment a smuggler realised he was going to be caught...
Dinnington: Counterfeit goods worth £370k, including vapes and electronics, seized by South Yorkshire Police
Counterfeit vapes and electronics worth £370,000 have been seized by South...
Cigarette smuggling rife in Cyprus say MPs
Cigarette and tobacco smuggling is booming in Cyprus, costing the state millions...
17.7 lakh cigarettes seized at Kolkata airport destroyed.
KOLKATA: A stock of 17.7 lakh sticks of smuggled cigarettes of various foreign...