Manufacturing Sector Losses Up 44% Due to Illicit Trade: Report
Seven major manufacturing sectors suffered an estimated loss of Rs 1,05,381 crore during 2013-14 due to illicit trade, according to a report by industry body Ficci. The report on ‘Illicit Markets’ focused on seven major manufacturing sectors – auto components, alcoholic beverages, computer hardware, FMCG personal goods, FMCG packaged foods, mobile phones and tobacco.
On account of illicit trade, Ficci-CASCADE report said the estimated loss to the seven sectors has increased by 44.4 per cent in just two years – from Rs 72,969 crore in 2011-12 to Rs 105,381 crore in 2013-14.
Moreover, government tax (direct and indirect) losses increased almost 50 per cent to Rs 39,239 crore in 2014 from Rs 26,190 crore in 2012, the report noted.
Related Posts
Dubai Customs seizes fake goods worth Dh38. 4M
A total of 95 seizures of fake products worth Dh38.4 million were carried out by...
Biggest Pesticide Raid in Delhi: Police Seizes Spurious Branded Products
A special Delhi Police team raided the premises of a spurious pesticide...
Gold Coins Worth Rs 7.8 Cr Seized From 2 Kashmiri Passengers at Delhi Airport
New Delhi- Gold coins worth Rs 7.8 crore have been seized at the Indira Gandhi...
Orlando man gets 3 years for smuggling contraband into prison as officer
For $1,000, one inmate said, you could get a carton of cigarettes smuggled into...