Piracy caused rs1 lakh crore loss to industry in 2012

Last year the US Government had called New Delhi’s Nehru Place as one of the top 30 notorious IT markets of the world that deal in counterfeited goods. Nehru place is just a fraction of total grey market which operates in India. According to a study commissioned by industry body Ficci on pirated goods, grey market thriving in places like Nehru Place; Richie Street and Burma Bazaar in Chennai; Manish Market, Heera Panna, Lamington Road and the Fort District in Mumbai; and Chandni Chowk in Kolkata thrives on a more than Rs1,00,000 loss to the legitimate industry.Setting aside monetary loss, this market is putting consumers life to threat and causing serious health hazards. Horrifyingly, around 20 per cent of total road accidents in India are either directly or indirectly attributed to usage of fake auto components. Thankfully, the original manufacturing segment is safe from counterfeits as their products are directly supplier to vehicle manufacturer. It’s the after-market which throws these scary figures. The use of counterfeits resulted in 25,400 deaths and more than 93,000 injuries during 2009. In monetary loss terms, users are paying for an additional 109 million litres of petrol and 8 million litres of diesel per annum.

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