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India’s FMCG sector loses US$3.38bn to counterfeit products

India’s FMCG sector loses US$3.38bn to counterfeit products, Asia packaging, India packaging, Authentication Solution Providers’ Association (ASPA), anti counterfeiting
INDIA –
India’s Authentication Solution Providers’ Association (ASPA) is working together with the government to offer anti-counterfeiting technology to secure ‘Made in India’ products in the interest of consumer, brand and revenue protection.

U.K. Gupta, president, ASPA said, “We welcome the initiative of the Government of India and the campaign “Made in India”. Today, “Made in India” product have great opportunity in India and overseas market. However, with the increase of counterfeiting in various sectors, there is a constant need to ensure that these “Made in India” label product are of highest quality, genuine and secured till its deliver to the end consumer.

“We offer the various authentication solutions which will ensure that “Made in India” label product are of highest quality and can be easily identified as genuine products by brand owners, Government authorities and consumer by large with the help of IT and digital solutions such as mobile app, SMS and web based applications. Further, the adoption of authentication solutions will help these sectors in combating counterfeiting and ensuring the high revenue growth which will contribute to the country economy”.

According to ASPA, counterfeit products in India caused the FMCG sector to lose US$3.38 billion (21,957 crores) in FY 2013-14; this was a 7% increase from the US$3.14 billion (20,378 crores) loss in FY 2011-12.

The personal goods segment alone lost US$2.96 billion (19,243 crores) to counterfeit products in FY 2013-14. The tobacco industry lost… For the full story, subscribe to Packaging Business Insight Asia here.

 

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