ATTAINING AN IMPREGNABLE ECONOMY OF INDIA: FICCI CASCADE
Our country has been a talk around the globe since decades owing to its development in every aspect. Our nation has seen tremendous growth and development, thus, narrowing the gap with the developed nation. As we know, there are repercussions of each development, one cannot ignore the growing menace of smuggling and counterfeiting due to technological development and low barriers to entry and exit of goods and services.
If you thought this is an issue limited to the nation, it is not! The world is facing this magnanimous issue of smuggling and counterfeiting and it is witnessed in every field. Businesses or firms may purchase counterfeit equipment or technology, due to which they suffer irrevocable losses, also they stake their brand reputation due to counterfeits in the market besides losing sales revenues. Not only do businesses suffer humongous losses due to the availability of smuggled and counterfeits, but also the government is a victim of this global issue. Most importantly consumer’s health and safety are jeopardized due to the ill-effects of such illicit products.
During the last decades, modern intelligence and law-enforcement agencies across the globe have found conclusive reports and evidence of the increasing involvement of terrorist organizations in piracy, counterfeiting, and smuggling activities. While many counterfeiting and smuggling outfits are transferring major chunks of their proceeds to global terrorist organizations, some of them are set up to finance terrorism. Counterfeiting of liquor, cigarettes, drugs, and luxury goods is a significant source of contribution to funding extremist groups.
The same way, smuggling of goods is used by terrorist organizations to launder proceeds from other enterprises/businesses and raise funds, to later use them for financing terrorism. Several investigations done by law enforcement agencies reveal that smuggling of oil, gold, cigarettes, stones and precious gems, narcotic drugs, film and music DVDs, etc., are the major contributors to financing terrorism.
Federation of Indian Chambers of Commerce and Industry (FICCI) took the initiative to dedicate a forum by establishing the Committee Against Smuggling and Counterfeiting Activities Destroying Economy – CASCADE on 18th January 2011 to fight the menace of smuggling and counterfeiting with a special focus on:
- Spreading awareness amongst consumers about the repercussions of using counterfeited and smuggled goods
- Conducting research studies to estimate the extent of the menace and proposing law reforms
- Capacity Building of the law enforcement agencies
- Sharing best practices adopted worldwide to combat smuggling and counterfeiting
- Providing knowledge support to the industry members
FICCI CASCADE is dedicatedly working to curb the hazards of illicit trade, but no law or regulations alone can create a difference until consumers come forth and pledge to abandon this practice.
Let’s all pledge to battle smuggling and counterfeiting and help our nation attaining an impregnable economy.