The
Booming Counterfeit Industry
A
recent trend has been emerging in economic data: the Indian counterfeit market
is booming. The industry is so promising that even foreign manufacturers are
cashing in. Chinese companies are increasingly “faking” popular consumer goods
and causing a net loss of $5 billion each year. Most of these products are made
with a “Made-in-India” tag and supplied the emerging economies of India and
African countries.
"China
is a big problem everybody is facing," said S.K. Goel, chairman of the
Central Board of Excise and Customs, told IANS. Goel said the big international
brands like Nokia, Adidas, Reebok and Nivea were also widely counterfeited in
China and supplied in India and other parts of the world. K.K. Vyas, Delhi’s
deputy commissioner of police, said that police have already seized and
confiscated many counterfeit products in the nation’s capital already.
Vyas
stresses the need for increased government involvement in the punishment of
manufacturers and importers. "Punishment needs to be enhanced. Also there
is need that judiciary addresses these issues quickly.” “Counterfeiting is a
big menace. It is hurting everybody - consumers, industry and the
exchequer," said Anil Rajput, chairman of the anti-smuggling and
anti-counterfeiting committee of Federation of Indian Chambers of Commerce and
Industry (FICCI).
There is no
denying that the black money market in India is rampant. India currently tops
the list for illegal money suppliers in the entire world, estimated to be
almost US $1.5 trillion stored in the form of unaccounted money. According to
data provided by the Swiss Banking Association Association, India has more
black money than the rest of the world combined. Indian Swiss bank account
assets are worth 13 times the countries national debt, and if this black money
is seized and brought back to the country, India has the potential to become
one of the richest countries in the world.
-Drew M.
http://timesofindia.indiatimes.com/business/india-business/Made-in-India-faked-in-China-5bn-loss/articleshow/11325880.cms