Apparel sector tops list with most counterfeit products in India: Report
New Delhi, Jan 24 (KNN) Around 25-30 per cent of all the products that are sold in India are spurious with counterfeiting, a joint report by Crisil and the Authentication Solution Providers Association stated on Monday.
Amongst all the sectors, the Apparel sector tops the list with 31 per cent counterfeit products followed by fast moving consumer goods (FMCG) with 28 per cent and automotive sector with 25 per cent, it said.
Other major sectors included the pharmaceuticals (20 per cent), consumer durables (17 per cent), and agrochemicals (16 per cent).
As per the report, around 27 per cent of the consumers are unaware that products are counterfeit at the time of purchase, but 31 per cent willingly purchase spurious products.
The report covered 12 cities of Delhi, Agra, Jalandhar, Mumbai, Ahmedabad, Jaipur, Indore, Kolkata, Patna, Chennai, Bangalore, and Hyderabad.
According to Suresh Krishnamurthy, a senior director with Crisil Market Intelligence and Analytics, counterfeiting is not limited to luxury items. Even common items, from cumin seeds to cooking oil and from baby-care items to medicines, are increasingly reported as counterfeit.
According to Nakul Pasricha, president of the association, spurious goods market stood at Rs 2.6 Trillion in FY20 and is rising, heavily bleeding the industry and consumers. (KNN Bureau)