Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (FICCI CASCADE) on Wednesday organized a seminar on ‘Combating Counterfeiting and Smuggling, an Imperative to Accelerate Economic Development’. The seminar discussed the importance of increased awareness on the hazards of counterfeiting and smuggling, and the need for effective enforcement to enhance India’s economic development.

Justice (retired) NK Jain, Judge of MP High Court and Chairman, Madhya Pradesh State Consumer Redressal Commission encouraged FICCI CASCADE's commitment and drive to curb smuggling and illicit trade in the country, however he mentioned that much more is needed to be done to change the general mind set with respect to the use of smuggled and illicit goods. Smuggling and counterfeiting goods not only hamper the economic growth of the country but also adversely affect the social fabric and the well-being of its people. He further added on the need for framing robust policies and effective implementation to curtail this menace.

Anuradha Sharma, Additional Director General, Madhya Pradesh Police stated that counterfeiting and smuggling is a huge area of concern as it highly impacts the health and safety of the common people along with revenue losses to industry and tax losses to the governments. Such is the enormity of the issue that it requires stern deterrence and joint action between all stakeholders.

As per FICCI CASCADE report released in 2015, the total loss to the government on account of illicit markets in just seven manufacturing sectors is Rs 39,239 crores.