Counterfeiting in India

Counterfeiting continues to be a huge issue in India making the country one of the biggest manufacturers and traders of counterfeit products in the world. The illicit trade, says ASPA Global, has serious consequences for a number of sectors but is perhaps most damaging to the pharmaceutical industry as well as electronics and consumer goods. The Indian market experiences an annual loss of well above rupees one lakh crore on account of counterfeit. About 32% of Indians have once ended up buying a fake product on the internet, says ASPA To curb counterfeiting, the government has been working with industry stakeholders to roll out measures such as a track-and-trace system and holographic security features. How do we combat the proliferation of fake goods in an aggressive Indian market; by creating consumer awareness and by stepping up enforcement on the law.