Woes of illicit market

The Indian industry has suffered a loss of Rs.105,381 crores through illicit markets, an increase of 44.4% in two years, says an advisor to the Federation of Indian Chambers of Commerce and Industry (FICCI).

Giving this estimate, FICCI CASCADE advisor Deep Chand aid the loss to government on account of illicit markets in just seven manufacturing sectors is Rs 39,239 crores.

This loss through the grey market is just the tip of the iceberg, added the former Special Commissioner of Delhi Police.

Deep Chand was speaking at the FICCI CASCADE (Committee Against Smuggling and Counterfeiting Activities Destroying the Economy) workshop in New Delhi.

The grey market economy is fueling illegitimate industry and leading to increased criminalization of the society in the form of organized crime including terrorism.

Global studies have indicated that criminal syndicates all over have taken to counterfeiting and smuggling to fund their nefarious activities.

This not only makes the society unsafe but also adds to the enforcement costs.

The workshop was a part of capacity building program to sensitize and train the police officials.

FICCI-CASCADE proposes to hold such workshops in various parts of the nation to spread awareness against the menace by addressing procedural and enforcement issues, said FICCI in a release on 22 Nov 2018. fiinews.com