![](https://www.ficcicascade.in/wp-content/uploads/2019/11/cash_630_630.jpg)
Fake Goods, Smuggling Caused Rs 1.17 Lakh Cr Loss, Cost 16 Lakh Jobs In 2017-18: FICCI Report
Experts believe that if the problem of counterfeiting, smuggling and piracy continue to go unchecked, it could threaten to subvert the economic and societal stability of countries across the world.
Counterfeiting and smuggling have caused a loss of Rs 1.17 lakh crore to the Indian economy in 2017-18 in five key industries — textiles, tobacco products (cigarettes), readymade garments, capital goods (Machinery and Parts), and consumer (Electronics) durables.
The industry body, the Federation of Indian Chambers of Commerce and Industry (FICCI), has said in its latest report released at an international conference in Delhi on Thursday.
Titled as ‘Invisible Enemy: Impact of Smuggling on Indian Economy and Employment’, the report further estimates that the total livelihood opportunity lost in these five sectors is about 16.36 lakh in 2017-18.
Capital goods (machinery & parts) industry suffered the most with Rs 52,511 crore loss which rendered 6.12 lakh workers jobless. Consumer (Electronics) durables industry was the second highest with Rs 21,452 crore loss to its business.
Related Posts
90% hike in smuggled cigarette consumption in India: FICCI
Consumption of smuggled cigarettes has increased by over 90 per cent, equivalent...
Brief: US Customs seize fake handbags, Lego worth $500k
Seized Michael Kors handbag: US Customs and Border Protection officers working at...
More than 88,500 cases of smuggling in first half of the year
HÀ Ná»�I — In the first six months of 2017, authorities uncovered 88,560 cases of...
Product Engineers And Designers Plagued By Counterfeit Parts
As product engineers pursue opportunities for the Internet of Things and what is...