Ad Here  
Applauding enterprise... World labour laws at a glance Inclusive and forward moving... Focus on self-certification and third party inspection Bridging the skill deficit in pharma industry Business Briefs Apple maps – finding its way Automotive Vision Plan II... Strategy war escalates between Hero and Honda Blue Star plans a new plant in south Adding Zest to Scooty Smart controls for cooling large multi-zone spaces ... Backpack laboratory On the ‘milky’ way WABCO’s second Chennai plant Make way for the new and dynamic railways Need to focus on ease of doing business... TCS’ revenues cross Rs 100,000 crore TN budget pragmatic and moderate on fiscal deficit Big-ticket investments march towards Punjab Downsizing spree... TII-challenging year with flat growth Digital retail transactions stabilise at higher level… Is Indian telecom industry heading for a monopoly? Durga - India’s largest blast furnace; now operational Three more leather clusters… SumInfra- corridor based development... Rating of states to be released soon Nothing to hide... Schwing Stetter India joins hands with US-based Gomaco Ridley marathon to India Sun Edison launches solar pumps TVS Logistics – another acquisition to sharpen the business model Striking cords for 25 years… Realty sector takes a break... Investor friendly Japan Placing the right shoe forward... Hyundai excites again Murugappa- a year of consolidation More gensets and diesel engines from TAFE Economic, business and social sustainability Pharma market dozes Connecting the unconnected Illicit markets a concern to growing economy Realising double digit growth in Tamil Nadu IFCI to raise NCDs upto Rs 2000 crore Four daughters and a proud father Business Breif Veritas Finance- financing the unfinanced Well-refined – RIL’s refinery margins zoom Techies trip to India ISRO's 100th mission Secured NCDs from Shriram City Carrefour’s quick exit An American alliance in the chemical industry? The new look- 4s Verna TOP 10 CEO Compensation An aerospace-defence cluster in Tamil Nadu… Time to fast-pace the logistics sector Gem of social service... Chola MS net crosses 100 crores OBO Bettermann for better lightning protection Scoot offers just Rs.13,500 to ANZ... Auto test tracks launched at GARC Oragadam campus Chola MS launches motor app Tata Steel commence operations at Kalinganagar Industry-well poised to invest on expansion BRICS development bank Hero Motocorp - smooth ride Economic issues take a back seat at G20 summit AirAsia India infuses funds to fight out competition European crisis is a global crisis! Chennai to get a roundabout Metro Holiday Inn opens in OMR Chennai - Airlines wage price war STFC raises money Changing dynamics in human resource management Celebrating 180 years of relevance People Flow Day- Safety Reality bytes Brand leaders come forward... ECGC expands operations Dynamic e-commerce scenario Climate change may change the way businesses work... Curbing steel imports will hurt small business... Chennai will soon get its World Trade Centre ALL – truck industry is recovering from degrowth Housing Innovation Challenge, 2015 LVB gears to become a financial supermarket Purdue and IIT-M sign the dotted line ALL-two launches in a row CUB: towards card-less withdrawal Steel loses its sheen Celebration time at MS Chola Waste, a gold mine A global plastic event in India When Centre visits the state Indian Bank – global businesses crosses Rs 3 lakh crore... Creating Tamil Nadu Banana brand Chennai Port is at last decongested! Nigeria comes nearer TiE applauds innovative entrepreneurs Flexible labour laws… Research needs more funding ALL to launch electric busses TII’s single largest investment at Thiruthani Innovation that helped Chennai port Towards peace of mind Indigo stays leader with 40 per cent share
Illicit markets a concern to growing economy

Parallel to the growing legitimate businesses, illicit markets have taken deep roots in various sectors. A 2012, FICCI CASCADE study titled, “socio-economic impact of counterfeiting, smuggling and tax evasion” brought to light the size of illicit trade in seven key sectors and the loss to government due to these. FICCI yet again released the report for this year which covers various products including tobacco, mobile phones, FMCG, packaged foods, FMCG personal goods, computer hardware, auto components, alcoholic beverages and the media and entertainment industry. P C Jha, Adviser FICCI CASCADE and former Chairman, Central Board of Excise and Customs pointed to the massive increase in illicit trade: “in last 20 years, the volume of counterfeiting activity has increased 100 times and the size of trade is 10 per cent of legal international trade.”

In all these segments there is a considerable increase in the size of the grey markets when compared to the 2010 data. The estimated loss to these sectors has increased by 44.4 per cent from 2010 amounting to Rs 105,381 crore. This causes a loss to the tune of Rs 39,239 crore to the government. “In the past few decades, leading intelligence and law enforcement agencies have pointed to involvement of terrorist organisations in counterfeiting, piracy and smuggling to fund their activities,” said Deep Chand, Adviser FICCI CASCADE.


Author :
Reported On :
Sector :
Shoulder :
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
S-15, Industrial Estate,
Chennai - 600 032.
PHONE: +91 44 22501236