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16 lakh jobs to India due to illegal business in 5 sectors, tax loss of Rs 58 thousand crore: FICCI MEERI News

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New Delhi: According to a report released on Thursday by the Federation of Indian Chamber of Commerce and Industries (FICCI), the turnover of illegal products in five major industries stood at Rs 2.6 lakh crore in the financial year 2019-20.

Altogether, counterfeit goods have resulted in a tax loss of Rs 58,521 crore to the exchequer.

,Elicit Market: A Threat for National Interest The report covered five major industries across the country – mobile phones, alcohol, tobacco products, fast and moving consumer goods (FMCG), household and personal goods and FMCG packaged food.

The survey was conducted by Delhi-based think tank, Thought Arbitrage Research Institute for FICCI’s Committee Against Smuggling and Counterfeit Activities Destroying the Economy (CASCAD). This report also calculates the loss of employment due to it, apart from the loss due to assessment and tax. Along with this, the report also recommended possible steps to solve this issue.

What is illegal trade? How is it calculated?

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