In an attempt to curb counterfeiting, Industry body Federation of Indian Chambers of Commerce and Industry (FICCI) recently urged the government to take actions to put rest on the rising illicit trade of counterfeit goods in India.
The menace of counterfeiting has become global, weakening the economy of a country and worldwide. It has abundant negative effects which just cannot be ignored. It cripples the local industry, reduces the tax and revenue collection, fuels up crimes like smuggling and terrorism, and most importantly plays with the life of innocents both directly indirectly.
This apex body has carried out in-depth research on the magnitude of the problem and its consequences. They have shared the research data and findings with policy makers from the Ministry of Finance, Cabinet Secretariat and Prime Minister`s Office.
FICCI`s dedicated body Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE) has reported that the estimated loss to the industry in just seven industry sectors amounted to Rs 1,05,381 crore – a 44.4 per cent increase – between 2011-12 and 2013-14.
The market for contraband and smuggled goods is thriving in India and is today one of the biggest challenges faced by Indian industry, the industry chamber said.
FICCI also insisted for strengthening domestic manufacturing to minimise the gap in supply and demand and also calls for introducing stronger punishments and improved surveillance.