• March 19, 2024

Counterfeit goods a challenge to Indian government

The Federation of Indian Chambers of Commerce and Industry and KPMG has reported that India’s all-products counterfeit market is estimated to be growing at 44 percent a year, according to a Press Trust of India report relayed by the TMA.

The market was said to have reached Rs1.05 trillion (US$15.8 billion) last year, with tobacco products, alcohol and fast-moving consumer goods accounting for 65 percent of that market.

The report said that the rise in the production of counterfeit goods could significantly undermine the central government’s ‘Make in India’’ program, which sought to establish the country as a global manufacturing hub.

And it said that counterfeiting presented a challenge to the government because it brought down its annual tax revenue.

Counterfeit goods comprised a huge issue that needed to be addressed, said KPMG Partner Rajat Wahi.

Counterfeiting was more prevalent in rural and semi- urban areas compared to urban areas, he added.