According to a joint report by Crisil and the Authentication Solution Providers Association, around 25-30 percent of products sold in India are counterfeit. Amongst the various sectors, the apparel sector is at the top of the list with 31 per cent counterfeit products, followed by fast-moving consumer goods (FMCG) with 28 per cent and automotive sector with 25 per cent.
Also, as per the report, around 31 per cent of consumers willingly purchase products which are counterfeit, however around 27 per cent of consumers are unaware that the products they are buying are counterfeit.
The report covers 12 Indian cities including Delhi, Agra, Jalandhar, Mumbai, Ahmedabad, Jaipur, Indore, Kolkata, Patna, Chennai, Bengaluru and Hyderabad.
The spurious goods market stood at Rs 2.6 trillion in FY ’20 and is rising, which is also heavily bleeding the industry and consumers, according to Nakul Pasricha, President of Authentication Solution Providers Association.
According to Suresh Krishnamurthy, a Senior Director with Crisil Market Intelligence and Analytics, counterfeiting is not limited to luxury items. Even common items, from cumin seeds to cooking oil and from babycare items to medicines, are increasingly reported as counterfeit.