Minister Calls for Tough Penalties to Curb Illicit Trade at FICCI Event

Minister of State for Food Processing Industries Ravneet Singh Bittu emphasized the need for stringent penalties against illicit trade, addressing the 10th edition of FICCI-CASCADE’s 'MASCRADE 2024'. Central Board of Indirect Taxes and Customs (CBIC) member Rajiv Talwar highlighted the board's technological advancements in tackling counterfeit goods and smuggling. The event underscored the impact of the illicit market on five key industries, with a report revealing its substantial value and accelerated growth in rural India.

Minister of State for Food Processing Industries Ravneet Singh Bittu on Wednesday emphasized the necessity for stringent penalties to combat illicit trade, during his address at the 10th edition of FICCI-CASCADE's 'MASCRADE 2024'.

Bittu stated that the coordination between enforcement agencies is crucial to tackling the elements damaging economic growth. 'Together, we build resilient economies, fostering global collaboration to combat these threats with robust initiatives. Harsh penalties are essential to instill fear in the minds of perpetrators,' he remarked.

Rajiv Talwar, a member of the Central Board of Indirect Taxes and Customs (CBIC), spoke on the board's technological advancements in fighting counterfeit goods and smuggling. 'Our technology-driven risk management portal helps predict smuggling operations, leading to an average of 60 detections a day,' Talwar revealed. Talwar reported that over 3,000 arrests were made in the last 15 months, with foreign products worth Rs 40 crore seized. A FICCI CASCADE report valued the illicit market in five key industries at Rs 7,97,726 crore for 2022-23. These industries include FMCG, FMGC, alcohol, tobacco, and textiles, where illicit trade impacts legitimate businesses and tax revenues. The report also highlighted the market expansion in rural India among middle- and lower-income groups. Anil Rajput, Chairman of FICCI CASCADE, warned about the potential misuse of artificial intelligence by rogue elements, posing future challenges for the industry and society.

(With inputs from agencies.)