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Union Minister Anurag Thakur Warns of Illicit Trade Threat As barrier To India's Goal Of $5 trillion economy

Updated: Sep 30, 2023 03:25:57pm

Union Minister Anurag Thakur Warns of Illicit Trade Threat As barrier To India's Goal Of $5 trillion economy

New Delhi, Sept 30 (KNN) Union Minister Anurag Thakur on Friday expressed concern that the increase in illegal trade is a worrisome outcome of globalization, potentially hindering the country's path towards achieving a 5 trillion-dollar economy. 

Addressing the 9th edition of FICCI CASCADE's 'MASCRADE 2023', Thakur said, "Illicit trade, whether conducted through activities like smuggling, counterfeiting, or tax evasion, exacts a considerable socio-economic toll. It not only hinders our advancement but also drives up expenses, pushing these crucial goals even further from our reach.”


"We not only protect our economy but also contribute to a safer and more peaceful world. The fight against illicit trade is not just an economic battle; it is a battle for peace, stability, and the future of our world," he added. 

Speaking on the various initiatives by the government, Anurag Thakur said, "We have been enacting laws that not only align with our international commitments but also exhibit a progressive outlook."

"However, given the intricate and alarming expansion of illicit trade, it underscores the need for enhanced intergovernmental collaborations and public-private partnerships to formulate a comprehensive strategy,” he added.

The Minister further emphasized that illicit trade represents a multi-billion-dollar industry with significant economic, social, and environmental repercussions, particularly magnified during economic downturns. 

He stressed the responsibility to protect both citizens and the global community from these threats.

“To do so, we must strengthen our law enforcement agencies, enhance international cooperation, and enact stringent measures to combat illicit trade at its roots," he said.

Thakur also mentioned that as India continues to rise as a powerful global economic entity, the need to protect business rights through strong regulations and vigilant enforcement becomes increasingly interconnected with our nation's growing global impact.

"The intertwined relationship between illicit trade, organized crime and terrorism poses a clear and present danger to global security, making it imperative that we confront this issue head-on,” the minister added.

Anil Rajput, Chairman, FICCI CASCADE, said, "Illicit trade has been seen mostly from the prism of loss to the exchequer.

However, it has many more facets that impact our society.”

"This unscrupulous global business has its tentacles reaching far and wide and compromises the safety and security of nations due to their sinister linkages with organized crime networks and terror financing,” he added.  (KNN Bureau)


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