According to a report by the FICCI's Committee Against Smuggling and Counterfeiting Activities Destroying Economy (CASCADE), the total loss to the government on account of illegal trade in just seven manufacturing sectors in 2014 was Rs 39,239 crore.
Asserting a huge amount of money from illegal trade, smuggling and counterfeiting goes to fund terrorist activities and to criminal networks, she said the agency is required to ensure that such activities are stopped, especially near the international borders.
Lack of awareness among the consumers is one of the biggest reasons for illegal trade thriving in the country, Pankaj Kalra, Country Manager for HPE India, said.
"Some people are unaware about counterfeit products, while some buy them because they cannot afford the branded ones. We need to have a transparent system. There should be a collaboration between all the stakeholders of the society to manage this," he said.
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