In the past few decades, there has been an enormous growth in the field of innovation and technology in India. This is further supplemented by the rising impact of globalization and an increase in spending power of the average consumer. However, the scenario has brought along many problems.
Among the many problems, the menace of counterfeiting is growing on a humungous scale. The current value fake products in India has reached more than 1 lakh crore annually.
Counterfeiting also referred as piracy in common trade parlance mean the unlawful acquisition by a person of the property of another person without his consent. Counterfeiting includes forgery of currency, documents, software, pharmaceuticals, jeans, watches, electronics and company logos and brands.
So, what are the reasons behind the growth of counterfeiting in India, let’s discuss:
- Lack of knowledge about fake products: In India, one can find fake products anywhere. From street shops to malls, e-commerce to retail outlets, counterfeit products can be found anywhere. Consumers in India have little or no awareness related to product authentication, so they are duped with fake items umpteen times.
- Lack of use of anti-counterfeiting solutions: Despite heavy losses many companies don’t take the problem of counterfeiting seriously and remain susceptible to the losses due to fake products. Anti-counterfeiting solutions like security holograms, security labels, holographic shrink sleeves, holographic strips can secure products from the problem of counterfeiting.
- Poor intellectual property laws and regulations: India still suffers from weak laws related to counterfeiting. In absence of stringent laws, forgers find it easy to sell of their fake products in the market.
Established in the year 1991, Holostik India Ltd. is a leading manufacturer of customized anti-duplication solutions with the aim of securing products and industries. The company offers security holograms, security labels, revenue stamps, hot stamping foils, wads, shrink sleeves etc. along with digital product authentication, supply chain management, track & trace, reward management and much more. Holostik has 5 state-of-art manufacturing facilities with most advanced industry certifications. In 28 years of its legacy, Holostik has catered to 10,000+ clients from different industries and has worldwide outreach in 75+ countries.