Counterfeiting up 24% in 2019, burnt a Rs 1-trn hole in economy: Report

Counterfeiting incidents have increased 24 per cent in the country in 2019 over the previous year, creating an over Rs 1-trillion hole in the economy, according to a report.

The report also said counterfeiters are having a free-run due to the pandemic-driven disruptions to organised supply chains and the resultant spike in consumer demand.

According to the report by ASPA, a self-regulated industry body of anti-counterfeiting and traceability solutions providers, counterfeiting has risen steadily in the last few years, and exploiting the pandemic as a cover for their activities.

Between February and April 2020, over 150 incidents of counterfeiting cases were reported, mostly