FICCI Rally Raises Alarm on Illicit Trade Impacting Economy

FICCI's CASCADE organized a rally to raise awareness about the adverse effects of illicit trade and smuggling on India's economy. A report shows a significant increase in the illicit trade market, especially in FMCG goods. The rally emphasized the economic, safety, and security risks posed by such activities.

FICCI's Committee Against Smuggling and Counterfeiting Destroying the Economy (CASCADE) organized a rally on Saturday to raise awareness about the adverse effects of illicit trade and smuggling on India's economy.

According to the 2022 FICCI CASCADE study, the illicit trade market has significantly risen across crucial industries such as FMCG-packaged foods, household and personal goods, alcoholic beverages, and tobacco products. From 2010 to 2020, the FMCG packaged foods sector alone saw a staggering increase of nearly 600%, growing from Rs 20,378 crore in 2010 to Rs 1,42,284 crore in 2020.

Flagging off the rally, Member of Parliament Praveen Khandelwal highlighted that smuggling severely cripples the economy and often funds terror activities. Khandelwal urged for more frequent awareness drives across states and encouraged retailer community involvement. FICCI CASCADE Chairman Anil Rajput added that smuggling causes job losses, revenue leaks, and security risks, stressing an urgent need to combat illicit trade to protect India's economic interests.

(With inputs from agencies.)