New Delhi, Feb 15 (IANS) The sale of counterfeit and smuggled products and tax evasion in seven key sectors that include auto, fast moving consumer goods, alcohol and tobacco, resulted in Rs.26,190 crore loss to the exchequer in 2012, a study conducted by FICCI has showed.
The Federation of Indian Chambers of Commerce and Industry (FICCI) study on "socio-economic impact of counterfeiting, smuggling and tax evasion in seven key industry sectors" has pegged the annual sales loss to industry due to circulation of fake products at Rs.72,969 crore.
The seven sectors covered under the study were - auto components, alcohol, computer hardware, FMCG (personal goods), FMCG (packaged foods), mobile phones and tobacco.
This estimate does not include the loss to pharmaceutical and other FMCG sectors.
However, a rough estimate based on limited assessment demonstrates a loss of Rs.29,307 crore from pharmaceutical and other FMCG sectors, said the FICCI committee against smuggling and counterfeiting activities destroying the economy (FICCI CASCADE) in a statement.
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