Smuggled goods spike industry losses by 44%

NEW DELHI: The market for contraband and smuggled goods is thriving in India and is one of the biggest challenges faced by Indian industry. As per FICCI CASCADE report, total loss to the government on account of illicit markets in just seven manufacturing sectors was Rs 39,239 crore in 2014. The maximum revenue loss to the exchequer on account of counterfeiting and illicit trade is attributed to tobacco products, estimating a revenue loss of Rs 9,139 crore followed by mobile phones at Rs 6,705 crore and alcoholic beverages at Rs 6,309 crore. The estimated loss to the industry in just seven industry sectors is Rs 1,05,381 crore, an increase of 44.4% between 2011-12 to 2013-14. TNS