Smuggling, piracy hindering India’s manufacturing growth: Ficci
NEW DELHI: Widespread smuggling, counterfeiting and piracy can affect India’s goal of becoming a manufacturing hub of the world, industry body Ficci today said.
The market for contraband, smuggled and counterfeit goods is thriving in India and is today one of the biggest challenges faced by the domestic industry, it said in a statement.
“India today has the potential to become a global manufacturing hub. However, widespread smuggling, counterfeiting and piracy can act as a dampener in achieving this goal,” the chamber said. It said according to a CASCADE (Committee against Smuggling and Counterfeiting Destroying the Economy) study, supply of illicit goods have increased 44.4 per cent between 2012 and 2014 in sectors such as tobacco, alcoholic beverages, auto components, computer hardware and FMCG.
Related Posts
Gold and electronic goods worth Rs 60.16 lakh seized at Chennai airport
CHENNAI: Air customs sleuths seized gold weighing 606 gram from a passenger, who...
Africa loses $60bn annually through illicit financial flows – Mbeki
A former South African President, Mr Thabo Mbeki, on Sunday in Abuja said African...
Raising federal cigarettes taxes won’t end smuggling between states
The Aug. 3 editorial “Closing a loophole” had its heart in the right place but...
Anti-smoking group urges Hy-Vee to stop selling tobacco products
As they continue their mission to reduce tobacco use in Iowa, a group is calling...