India losing Rs 1 lakh cr due to fake products
Smuggling and counterfeiting in 5 prominent sectors including capital goods (machinery and parts) and consumer (electronics) durables alarmingly rising
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According to a FICCI Cascade report the Indian economy loses Rs 1.17 lakh crore due to smuggling and counterfeiting in five prominent sectors including Capital Goods (Machinery and Parts) and Consumer (Electronics) Durables. The goods sales from counterfeiting is expected to double up globally to Rs 119.7 lakh crore by 2022. India has been no exception to the menace.
FICCI Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE) in its latest report said that "key to curb this menace is to educate the customer and spread awareness in the market about easy identification of genuine products based on product attributes and provide easy access to brand's authorized sales and service channel." The problem has become especially acute in the past few years with uncertified players from neighbouring developing countries trying to set up base here locally.
