The ascendency of India as an economic world power

Western companies have been complaining about piracy in Asia for a long time. India is not an exception either. Piracy exists in India and now companies are complaining too. However, the only difference is that instead of hurting the foreign companies, counterfeit trade is hurting Indian companies more.

Indian Express reported:

The loss to government: Rs 15,000 crore. The loss to industry: Rs 30,000 crore. The culprit: trade in counterfeit products. This has been indicated in a new study conducted jointly by industry chamber Assocham and law firm Inttl Advocare. The report, which is likely to be handed over to the ministry of consumer affairs next week, also suggests legislative changes to counter this.

As an industry, the biggest loser is the FMCG (fast moving consumer goods) sector, which loses Rs 8,000 crore every year, about 15 per cent of the total market size. Clothing and branded products lose Rs 4,000 crore per annum.

Every sector is suffering loss- cloth, mobile phone, IT, medicine etc. Unfortunately, there is clearly a lack of political will to solve this matter. The law to combat counterfeit trade is not adequate and the politicians are not in a hurry to do something in this regard. The law enforcing agencies are not fighting enough too. The worst thing is that the consumers are not aware about this problem. So, a lot has to be done to solve this problem.