58000 crore hit to the government due to smuggling and trade in counterfeit products, 16 lakh employment opportunities have also been lost.

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New Delhi, Dated 23 September 2022, Friday

Smuggling and infiltration of counterfeit products is affecting countries across the world and India is no exception.

Trade association FICCI Cascade claims that the circulation of smuggling and counterfeit products has increased during the Corona period and due to this the supply chain has been affected and the sales pattern is also changing. With which other problems are also being created.

According to the organization, it is difficult to take the economy to new heights without curbing the illegal business. The government should work segment wise to stop counterfeit products and smuggling and also prioritize action on the segments where smuggling is high.

According to FICCI Cascade, there is an estimated illegal trade of Rs 2.60 lakh in five sectors FMCG products, packaged FMCG products, tobacco products and alcohol drinks in India. 75 percent of which is from FMCG.

According to Najeeb Shah, a member of FICCI Cascade think tank, this problem can be solved by strengthening the domestic manufacturing sector. Apart from this, it is necessary to run a campaign to make the consumers aware and to provide severe punishment.

1.6 million employment opportunities have been lost in India due to smuggling and trade in counterfeit products. 68 percent jobs have been lost in the FMCG sector alone. The government has suffered a hit of Rs 58,000 crore in taxes. The biggest contributors are tobacco and alcohol.

According to FICCI Cascade Chairman Anil Rajput, if the illegal trade is curbed, it can help in realizing the dream of a five trillion dollar economy.

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