44% increase in manufacturing sector losses due to illicit trade: study
Illicit trade in seven major manufacturing sectors has increased industry losses by 44 per cent in two years, said a study. Government tax (direct and indirect) losses have also increased almost 50 per cent to Rs 39,239 crore in 2014, from Rs 26,190 crore in 2012 due to this.
Federation of Indian Chambers of Commerce and Industry (Ficci) and the Committee Against Smuggling And Counterfeiting Activities Destroying the Economy (Cascade) commissioned the study, which focused on seven prime manufacturing sectors — auto components, alcoholic beverages, computer hardware, fast moving consumer goods (personal), FMCG packaged foods, mobile phones, tobacco and media and broadcasting.
Related Posts
The day Pravin Gordhan took on big (illegal) tobacco
Gordhan and his colleagues’ investigations of the illicit tobacco trade – which...
I Spent A Day With A Guy Selling Illegal Cigarettes On The Streets Of New York
It’s a cloudy and cool September morning on Staten Island when I make my way to...
Apple Sues Mobile Star for Selling Counterfeit Power Adapters and Charging Cables through Amazon
Apple brings this action to protect its customers from dangerous counterfeit...
Contraband cigarettes found hidden in God of Fortune figurines at Woodlands Checkpoint.
SINGAPORE - At first glance, the plump, gold ingot-wielding figurines look like...