Home / Knowledge / News / Apparel/Garments / Counterfeit items create ₹1-lakh-cr hole in Indian economy

Counterfeit items create ₹1-lakh-cr hole in Indian economy

04
Aug '20
Pic: Shutterstock
Pic: Shutterstock
Counterfeiting incidents in India rose by 24 per cent in 2019 compared to the previous year, creating an over ₹1-lakh-crore hole in the economy, according to a report by the Authentication Solution Providers Association (ASPA), which said counterfeiters are having a free-run due to the pandemic-driven disruptions to organised supply chains and the spike in demand.

ASPA, a self-regulated industry body of anti-counterfeiting and traceability solutions providers, said counterfeiters are exploiting the pandemic as a cover for their activities.

Between February and April this year, over 150 incidents of counterfeiting were reported, mostly about fake personal protective equipment (PPE) kits, sanitisers and masks, taking advantage of the high demand for these products, it noted.

The association works with global authorities like the International Hologram Manufacturers Association, Counterfeit Intelligence Bureau of the Interpol, and domestic industry lobbies, ASPA president Nakul Pasricha told a news agency.

The report lists the currency, FMCG, alcohol, pharma, documents, agriculture, infrastructure, automotive, tobacco, lifestyle and apparel, as the 10 sectors impacted most by counterfeiting.

Among these, currency, alcohol and FMCG continue to be the top three sectors with the highest counterfeiting in the last two years.

Among the states, the counterfeiters have a free-run in Uttar Pradesh, Bihar, Rajasthan, Madhya Pradesh, Bengal, Punjab, Jharkhand, Delhi, Gujarat and Uttarakhand, calling for urgent action to frame anti-counterfeiting policy measures.

According to the report, Uttar Pradesh continues to be on top followed by Bihar, Rajasthan, and together these three states represent almost 45 per cent of all counterfeiting reported in the last two years.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Textiles | On 18th Sep 2020

Uncertainty high, economic recovery strength varies: OECD

With the pandemic continuing to threaten jobs, businesses, health and ...

Pic: Shutterstock

Apparel/Garments | On 18th Sep 2020

Cambodian garment sector may be hit by CLMV exports slump

The pandemic will significantly affect the exports of Cambodia, Laos, ...

Pic: New Look

Retail | On 18th Sep 2020

New Look creditors approve company voluntary arrangement

The company voluntary arrangement proposal of New Look Retail...

Interviews View All

Top executives, Fabric manufacturers

Top executives
Fabric manufacturers

Domestic manufacturers would get an edge over imported products

Anavila Misra, Anavila Collection

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Yashiki Gumber, Sahiba Fabrics

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Anupam Chakrabarty,

Anupam Chakrabarty

Headquartered in Finland, Helsinki, Lindström Group is a textile rental...

Neeraj Sharma,

Neeraj Sharma

Headquartered in Surat, Gujarat, Orange O supplies digital textile...

Cong Zheng,

Cong Zheng

The China Textile Machinery Association (CTMA) is a social-economic...

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search