Latest News | Counterfeits Constitute 25-30 Pc of the Market: Report

Mumbai, Jan 23 (PTI) Almost 25-30 per cent of all products sold in the country are spurious with counterfeiting being most prevalent in apparel and FMCG sectors, followed by pharmaceutical, automotive, and consumer durables, a report said on Monday.

Apparel tops the list with 31 per cent counterfeit products, while fast moving consumer goods or FMCG (28 per cent), and automotives (25 per cent) are the other major segments where consumers come across counterfeit products, followed by pharmaceuticals (20 per cent), consumer durables (17 per cent), and agrochemicals (16 per cent), a joint report by Crisil and the Authentication Solution Providers Association said.

Also Read | Researchers Working on COVID Vaccine That People Can Drink; Increased Focus Onto Mucosal Vaccines.

As much as 27 per cent of consumers are unaware that products are counterfeit at the time of purchase, but 31 per cent willingly purchase spurious products, the report said.

The report covered 12 cities of Delhi, Agra, Jalandhar, Mumbai, Ahmedabad, Jaipur, Indore, Kolkata, Patna, Chennai, Bangalore, and Hyderabad.

Also Read | Aadhaar Card Holders' Consent Mandatory for Conducting Authentication, Says UIDAI Guidelines.

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 baby-care items to medicines, are increasingly reported as counterfeit.

According to Nakul Pasricha, president of the association, spurious goods market stood at Rs 2.6 lakh in FY20 and is rising, heavily bleeding the industry and consumers.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)