One of the lesser known yet severe consequences of such activities is terror funding.
E-commerce is the newest channel adopted by counterfeiters to effectively reach a wider audience. With online marketplaces witnessing a phenomenal growth in India, the space has also become an easy prey to fake goods,” said Vidya Rajarao, partner, Grant Thornton India LLP.
In the absence of any specific e-commerce legislation in India, there is need for a separate e-commerce law in the country to make online shopping a safe experience for the customers, says Ficci Cascade — Grant Thornton report: Emerging Challenges to Legitimate Business in the Borderless World which was launched on Friday.
The report observes that one of the lesser known yet severe consequences of such activities is terror funding which directly poses a threat to the national security of countries and recommends setting up a nodal governance agency which can help coordinate national efforts and intelligence against illicit trade.
It also suggests that besides crating consumer awareness and adopting anti-counterfeit technologies, strengthening of the legal system and investing in research and development can help in combating the counterfeiting menace. Counterfeiting also leads to losses for industry, loss of revenue for the government in form of duties and levies and consumers pay a higher price for inferior goods.
Mr A. Didar Singh, secretary general, Ficci said our country’s laws are progressive and “given the emphasis on the current ‘Make in India’ campaign for economic development and the much anticipated growth; an effort therefore needs to be made to examine how illegal trading activities can be curbed”.