Opinion: It’s time to call a fake a fake.
The Indian automotive industry went through some tough times in the year 2019. The double digit de-growth and unprecedented slowdown were a result of several contributing factors. Among these, the growth of the Indian counterfeit auto parts market adversely affected the auto industry.
As recorded by the Authentication Solution Providers’ Association (ASPA), the Indian counterfeit auto parts market was worth Rs 1 lakh crore in 2019. Despite many attempts at solving this problem, the fake auto parts market is unfortunately thriving in India and the ongoing slowdown has led to many OEMs struggling to find a solution for the same.
According to a FICCI-Cascade report, counterfeiting in the auto sector results in tax revenue loss of about Rs 2,200 crore to the government.