Counterfeiting and smuggling threaten economy and consumer safety, says Deputy Speaker

Deputy Speaker Dr J Ram Chander Naik called for a coordinated national strategy to tackle counterfeiting and smuggling at a FICCI CASCADE seminar in Hyderabad. Speakers highlighted the economic, security and consumer safety risks posed by illicit trade and stressed stronger policy measures

Hyderabad: Deputy Speaker Dr J Ram Chander Naik underscored the need for a coordinated national approach to combat the growing menace of counterfeiting and smuggling.

Addressing the FICCI CASCADE seminar on ‘Illicit Trade: A Unified Approach to Counter Smuggling and Counterfeiting’ here on Tuesday, he said counterfeiting and smuggling were no longer merely economic offences but had emerged as serious threats to consumer safety, legitimate businesses and national development.

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Hyderabad Customs Additional Commissioner Rajiv Thampula said these illicit activities not only result in a significant loss of government revenue but also undermine legitimate trade, fuel organised crime and pose serious risks to consumer safety.

FICCI Telangana State Council former chairman and TMI Group chairman T Muralidharan said illicit trade affects every sector of the economy by undermining genuine enterprises, discouraging innovation and creating an uneven business environment.

The seminar also featured a panel discussion on ‘Policies to Prevent Counterfeiting and Smuggling’.