New Delhi (NVI): The counterfeit cases have caused a revenue loss of approximately INR 1 trillion annually to the Indian economy and have risen by 15% in 2019, Authentication Solutions Providers’ Association report said in a statement.
According to the report, Counterfeit cases have increased by 15% in 2019 and from a period of January to October. The Report was released at the 3rd Authentication Forum on counterfeiting in the country which was inaugurated by Former Union Minister Suresh Prabhu .
In the report, the top 10 sectors with the highest number of counterfeit cases are currency, Liquor, FMCG (Food & Beverages), Pharma, FMCG (Personal Care), Documents, Tobacco, Automotive, Construction Material, and Chemical
In terms of States, Uttar Pradesh is most affected by counterfeit incidents followed by Bihar, Rajasthan, Jharkhand, Madhya Pradesh, Delhi, West Bengal, Maharashtra, Punjab, and Gujarat.
In terms of currency, approximately 25% of cases are reported from West Bengal and Uttar Pradesh, 65% of liquor counterfeit cases are from UP & Jharkhand, over 50% of food adulteration cases are from UP, Rajasthan & Punjab and over 50% of cases of pharma duplication are from UP & Bihar.
Counterfeiting corrupts an economy in multiple ways by harming consumer rights, damaging brand equity, causing losses to industries and causing loss of government revenues.
The curbing for menace of counterfeiting causes could give a huge boost to the economic resources of the country, the report says, adding “widespread and proper implementation of authentication technologies, enforcement, awareness, and monitoring can effectively curb counterfeiting.”