The National Investigative Agency (NIA) needs to curb illegal trade which is on the rise in the country and impacting industries, the economy and consumers, MP Sushmita Dev said today.
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.
"A national agency like the NIA is required to take over the task of ensuring that counterfeit goods do not enter our economy," Dev said during a discussion organised by the FICCI on Impact of Illicit Trade on Industry, Economy and Consumers.
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.
FICCI Consumer Forum Chairman L Mansingh and Additional Director of DRI Pankaj Kumar Singh were among those who attended the panel discussion.
Disclaimer: No Business Standard Journalist was involved in creation of this content
