Lack of awareness helps counterfeits
Lack of awareness helps counterfeits
Lack of consumer awareness is one of the main issues in tackling the counterfeiting problem, say industry players. Even brand owners who deploy solutions to prevent counterfeiting do not spread the awareness, which results in consumers not being able to differentiate between counterfeits and genuine products.
According to the FICCI cascade study released in 2013, the grey market for seven sectors namely alcohol and beverages; auto components; computer hardware; FMCG (packaged food and personal goods); mobile phones, and tobacco products, led to an estimated sale loss of Rs 72,969 crores to the industries and a revenue loss of Rs 26,190 crore to the exchequer.
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