'Currency, liquor, FMCG most affected by counterfeiting'
Friday - November 8, 2019 10:18 pm , Category : BUSINESS
New Delhi, Nov 8 (IANS) Currency, liquor and FMCG are among the most affected sectors by counterfeiting activities and the most number of counterfeit cases are reported in these sectors, according to a survey by Authentication Solutions Providers' Association (ASPA).The top 10 sectors with highest number of counterfeit cases for 2018 and 2019 are currency followed by liquor, FMCG (food and beverages), pharmaceuticals, FMCG (personal care), documents, tobacco, automotive, construction material and chemical. In terms of States, Uttar Pradesh is most affected by counterfeit incidents followed by Bihar, Rajasthan, Jharkhand, Madhya Pradesh, Delhi, West Bengal, Maharashtra, Punjab and Gujarat. "The menace of counterfeiting causes revenue loss of approximately Rs 1 lakh crore ($14.7 billion) annually to the Indian economy and curbing it could give a huge boost to economic resources of the country. Be it pharmaceuticals, food and beverage, liquor, automobile, electronic goods, almost every sector is witnessing the damage. Even currency is not untouched," a statement by ASPA said.ASPA is a self-regulated non-profit organisation that represents the entire as physical and digital authentication solutions industry globally. The association has taken on the task of nurturing the anti-counterfeiting ecosystem by sensitising consumers, brands and policymakers towards the menace of counterfeiting and creating awareness around the solutions.