 "Ravneet Singh Bittu, Ravneet Singh")
Minister of State for Food Processing Industries Ravneet Singh Bittu on Wednesday stressed the need for harsh penalties and cracking down heavily on the nexus of people engaged in illicit trade and activities.
Addressing the 10th edition of FICCI-CASCADE's - MASCRADE 2024', Bittu said that coordination between various enforcement agencies is key to overcoming the battle against the nefarious elements ruining economic growth.
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"Together, we build resilient economies, fostering global collaboration to combat these threats with robust initiatives...punishment is necessary, and it is important to instill fear in the minds of perpetrators that harsh penalties are in store for them if they engage in illicit trade activities, he added.
Central Board of Indirect Taxes and Customs (CBIC) member Rajiv Talwar said the board is serving as the fulcrum in the movement against counterfeit goods and smuggling.
"We have built a technology-driven risk management portal with very wide capabilities that help us predict possible smuggling operations. CBIC field officers are making on an average 60 detections a day with the help of this portal," Talwar said.
Over 3,000 people have been arrested in the last 15 months and foreign products worth Rs 40 crore were seized.
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According to FICCI CASCADE report, the Illicit market in 5 key industries was valued at Rs 797,726 crore in 2022-23.
Five key industriesFMCG (packaged goods), FMGC (personal and household care), alcohol, tobacco, and textiles and apparelwhere illicit trade is undermining legitimate businesses, distorting competition, and significantly eating into government tax revenues, it said.
The burgeoning size of the illicit market to heightened consumption of high-value branded, luxury, high-end, taxed goods and services, especially among the expanding aspirational middle class, both in rural and urban India, the report said.
The illicit market in these five categories has expanded faster in rural India, especially among the growing classes of middle- and lower-income groups, the report added.
Speaking at the event Anil Rajput, Chairman, FICCI CASCADE, said in today's technology-dominated landscape, artificial intelligence has assumed great significance and at present, we are witnessing the positive impact of this technology on our businesses and society.
However, Rajput said the time is not far when we will find rogue elements entering the fray and creating a challenge that could become an unmitigated disaster for the industry and society alike.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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