Speaking to Business Standard, Anil Rajput, chairman of FICCI CASCADE, said the government must look into this issue and take necessary measures
Illicit trade in five key industries caused the Indian exchequer a tax loss of Rs 58,521 crore, and also resulted in the loss of 1.6 million jobs, according to a report by the Federation of Indian Chambers of Commerce & Industry (FICCI) released on Thursday.
The report, titled ‘Illicit Markets: A Threat to Our National Interests’, pegged the size of the illicit market in the five industries – mobile phones, household and personal goods, packaged foods, tobacco products, and alcoholic beverages – at Rs 2.6 trillion in 2019-20.
According to the report by FICCI’s Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE), the “two highly regulated and taxed industries, tobacco products and alcoholic beverages, [accounted] for nearly 49
First Published: Sep 22 2022 | 7:03 PM IST