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Surge in sale of counterfeit goods
By agencies
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Friday, 16 December 2005, 20:30 IST
NEW DELHI: An Assocham study released today said the consumer goods market in the country has borne losses more than $2.27 billion till November 2005 due to fake products.
Sale of counterfeit products in sectors like spices, watch components, medicinal and cosmetic products, automotive, vegetable oils and ghee will go up to $2.21billion by the end of March 2006, the study said.
The chamber in its paper 'Counterfeit, Fake, Spurious and Contraband products' has estimated that the automotive sector has been the worst hit with losses exceeding $1 billion followed by the watch industry in which the market size of fake parts shot to 65 percent during April-November 2005.
"Feedback received from member automotive companies reveals that approximately $500 million of counterfeit automotive parts were sold off as of March 2005, the market size of which grew over 36 to 38 percent," Assocham president Anil K Agarwal said.