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