India suffers huge loss from illicit trade: FICCI-CASCADE Report
New Delhi, June 13 (KNN) In India the total loss to the government on account of illicit markets in just seven manufacturing sectors is Rs 39,239 crores, an estimate according to report
According to the FICCI-CASCADE report, amongst the various sectors, the maximum revenue loss to the exchequer on account of counterfeiting and illicit trade is attributed to tobacco products (Rs. 9139 crores) followed by mobile phones (Rs 6705 crore) and alcoholic beverages (Rs 6309 crore).
Stating illicit products are adversely affecting Indian consumers, the total estimated loss to the industry is Rs 1,05,381 crores, an increase of 44.4%.
The report further mentioned that nearly 20% of accidents on Indian roads are caused by counterfeit auto-products. Further in the FMCG sector, 30% goods sold are fake and 80% consumers believe that they are using genuine products, it added.
Related Posts
Hike in taxes on Tobacco will encourage smuggling
Reports about hike in duty on tobacco products may not persuade many to give up...
2 arrested, P16.6-M smuggled cigarettes seized
AUTHORITIES have arrested two people and seized some P16.6 million shipment...
Sherrif busts Jailer
Sheriff Bob Alford put in overtime this week to catch a jailer operating outside...
Police seize ₹14.35 lakh of fake currency in Vellore
Abandoned fake currency notes worth ₹14.35 lakh were seized by the police on the...