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Counterfeit items create ₹1-lakh-cr hole in Indian economy
04 Aug '20
2 min read
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.
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)
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