Ficci CASCADE unveils BeACASCADER campaign against illicit trade

The Ficci Committee Against Smuggling and Counterfeiting Destroying the Economy (CASCADE) has initiated an awareness campaign titled #BeACASCADER to tackle illicit trade, which poses a threat to India's economic growth.

The campaign aims to educate the public about the detrimental consequences of smuggling and illicit trade. According to a report titled 'Illicit Markets: A Threat to Our National Interests,' tax losses due to such activities have surged by 163 per cent from 2010 to 2020.

Five key sectors, including alcoholic beverages, mobile phones, FMCG household and personal goods, FMCG-packaged foods, and tobacco products, have collectively incurred a financial loss of Rs 58,521 crore during the decade.

Tax revenue crisis

The alcohol industry witnessed an alarming increase in tax loss by over 508 per cent, while the FMCG packaged foods industry and the tobacco industry faced substantial losses of 201 per cent and 113 per cent, respectively.

Anil Rajput, the chairperson of Ficci CASCADE, emphasised that illicit trade not only causes a loss of legitimate tax revenue but also necessitates additional allocation of resources for enforcement and public health measures. It also negatively impacts employment and economic growth.

"Illicit trade inflicts significant harm on individual industries and has a substantial negative impact on employment generation and economic growth. Illicit trade also poses a dual challenge for the government," he said.

The #BeACASCADER campaign seeks to encourage public participation in curbing illicit trade and safeguarding the economy's interests. By raising awareness and fostering a sense of responsibility among citizens, Ficci CASCADE aims to combat smuggling and counterfeiting effectively.

(With PTI inputs)