'India suffering significant economic consequences due to smuggling'.
India is suffering significant economic, health and safety consequences as a result of widespread smuggling and counterfeiting in the country, said a senior government official on Tuesday.
"Illicit trade is a global problem of enormous scale, impacting human lives and virtually every industry sector around the world -- and India is no exception. It is suffering significant economic and health and safety consequences as a result of widespread smuggling and counterfeiting in the country," said Reena Arya, Additional Director General of the National Academy of Customs, Indirect Tax and Narcotics (NACIN).
Arya was speaking at a capacity building programme organised by NACIN and FICCI's Committee Against Smuggling and Counterfeiting Activities (CASCADE).
As per FICCI's CASCADE report, the total loss to thegovernment on account of illicit markets in just seven manufacturing sectors is Rs 39,239 crore in 2014.