Counterfeiting costs India more than INR 1 trillion!

Often, consumers are caught unaware of the fakeness of the products they are using. Anti-counterfeit technologies can make a big difference here by enabling companies to safeguard their products and services. Since March 2020, online shopping has grown 74 percent, as a recent study on consumer behavior post-Covid done by Nielsen, Caravan, and EY has found out. 

But the transformation brings threats as well. More than 30 percent of the drugs we purchase online are fake. More than a million people die every year from counterfeit drugs. With the advances in computer vision and machine learning, it is very easy to copy the design of product packaging making it very difficult for consumers to find the authenticity of the products. The global economic value of counterfeit is expected to reach 2.3 trillion dollars by 2020.

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According to FICCI CASCADE (Committee Against Smuggling and Counterfeiting Activities Destroying the Economy), the government lost nearly Rs 6,000 crore to the grey market of FMCG personal goods.

The report also mentioned that 31.6 percent of FMCG's personal goods space is spurious. Nearly 20 percent of road accidents in India are attributed to fake automotive components,

says a study by Nielsen and ACMA (Automotive Component Manufacturing Association Of India). The auto aftermarket is worth ₹40,000 crores. Fakes account for 36 percent of the pie.

Hence companies that are providing anti-counterfeiting techniques with a provision for track and traceability and easy authentication should see this as the perfect opportunity to invest in the Indian Market.