Crisil and the Authentication Solution Providers Association, ASPA, Fake products, Indian economy, the Indian government
Fakes constitute 25-30 per cent of the market in India revealed in a recent report by Crisil and the Authentication Solution Providers Association (ASPA). The report, which analysed data from various sources, including government agencies and industry associations, found that the fake market in India is worth around $40 billion.
The report highlighted the impact of fake products on the economy and on consumers. It stated that fake products not only harm the economy by reducing the revenue of legitimate businesses but also harm consumers by providing them with substandard products.
It identified several sectors where fake products are prevalent, including consumer goods, textiles, electronics, and pharmaceuticals. It also identified the challenges faced by authorities in tackling the problem of fake products, including the lack of a comprehensive legal framework and the lack of coordination among different agencies.
The report which covered 12 cities of Delhi, Agra, Jalandhar, Mumbai, Ahmedabad, Jaipur, Indore, Kolkata, Patna, Chennai, Bangalore, and Hyderabad recommends several measures to tackle the problem of fake products, including increasing awareness among consumers about dangers of fake products, strengthening the legal framework, and improving coordination among different agencies.
Conclusively, the report by Crisil and ASPA highlights the significant impact of fake products on the economy and on consumers. It is essential that measures are taken to tackle the problem and protect both legitimate businesses and consumers.