The growth of technology and liberalization of the economy in India has created an ideal market for counterfeiters to inappropriately misuse the brand images that have evolved over time. The enormous growth has given rise to different kinds of fraudulent activities. However, it is the popularity which promotes counterfeiting of products among people.
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.
There are certain consumer goods and brands which have become easy to reproduce at low rates and have become common targets of counterfeiting. In India counterfeiting is a very common problem in almost all the industries. Counterfeit products are easily available in flea markets, street markets and roadside kiosks. No wonder, today, counterfeit products are available in the big shop, malls and popular stores.
In India counterfeiting is a growing problem and counterfeiting impacts not only organizations but also consumers. According to Authentication Solutions Providers Association, the counterfeiting industry in India is worth Rs 40,000 crores industry. According to a report by World Trade Market Review, “India’s consumer goods and retail sector is predicted to see sales soar by 40% over the next three years – making it the fastest-growing emerging market. Of this, it is estimated that brick-and-mortar sales will rise by a mere 10%, meaning that the bulk of growth is expected to come from online purchases. According to a report by the Confederation of Indian Industry and Deloitte, the online retail sector in India will be worth $1 trillion (Rs660 trillion) by 2020.” The report further states that “In India, it is estimated that about 80% of consumers buying counterfeit goods are victims of deception. Counterfeiters use photos and descriptions of genuine products to attract consumers, but then supply them with counterfeits.”