The global economic loss caused by counterfeit, pirated and smuggled goods will touch $1.77 trillion by 2015. The loss caused due to these factors is currently pegged at $650 billion, said Tabrez Ahmed, Director (Legal and Corporate Affairs), Microsoft India.
Giving a presentation at a CII International Conference on anti-counterfeiting and anti-piracy, Ahmed said that 50 per cent of the counterfeiting occurs during cross-border business transactions and their impact is very high in liquor, software, fast moving consumer goods and the pharmaceutical sector.
With regards to the Indian market, research firm Ernst and Young’s director (Fraud Investigation and Dispute Services), Anurag Kashyap said, “The market for counterfeit products in India is deeply penetrated and highly distributed, thus making it very difficult to estimate the overall size. However, diligent steps need to be taken to prevent the entry of spurious products into the entire eco system.”
He suggested that companies should undertake regular market surveys, either themselves or by outsourcing independent auditors to help check counterfeiting. Besides, they should strengthen and identify the bottlenecks in the supply chain system so that products don’t get leaked out.
Meanwhile, G R Raghavender, Registrar of Copyright, Government of India, said that the ministry has taken non-legislative steps such as setting up of Copyright Enforcement Advisory Council for the enforcement of rights.