Manufacturing Sector Losses Up 44% Due to Illicit Trade: Report
Seven major manufacturing sectors suffered an estimated loss of Rs 1,05,381 crore during 2013-14 due to illicit trade, according to a report by industry body Ficci. The report on ‘Illicit Markets’ focused on seven major manufacturing sectors – auto components, alcoholic beverages, computer hardware, FMCG personal goods, FMCG packaged foods, mobile phones and tobacco.
On account of illicit trade, Ficci-CASCADE report said the estimated loss to the seven sectors has increased by 44.4 per cent in just two years – from Rs 72,969 crore in 2011-12 to Rs 105,381 crore in 2013-14.
Moreover, government tax (direct and indirect) losses increased almost 50 per cent to Rs 39,239 crore in 2014 from Rs 26,190 crore in 2012, the report noted.
Related Posts
Residents warned to be on lookout for dangerous fake Chekov vodka in circulation
RESIDENTS are being warned after police stated a batch of dangerous fake vodka...
World Anti-counterfeit Clothing and Accessories Packaging – Market Opportunities and Forecasts to 2020 for the $20 Billion Industry
Research and Markets (http://www.researchandmarkets.com/research/63b2kx/world)...
British American Tobacco Employees Kidnapped
Three delivery and distribution workers from the British American Tobacco Group...
Fake Cartier watches and Gucci sunglasses among £500,000 haul seized in Bury New Road raids
Fake Cartier watches, Gucci sunglasses and Moncler jackets were seized in raids...