Smuggling can slow march to $40-trillion economy, says FICCI report

The FICCI CASCADE has urged the government to launch a robust international campaign against the menace of smuggling

The magnitude of smuggling and the consequent loss to the country's economy might become a roadblock in India's march towards a $40-trillion economy under the government's vision of Amrit Kaal, FICCI Committee Against Smuggling and Counterfeiting Destroying the Economy (CASCADE) said in a report.  

It said the tax loss to the Centre because of the illicit trade jumped by 163 per cent to reach Rs 58,521 crore for five key industries in over 10 years till 2020.

Anil Rajput, chairman, FICCI CASCADE (Committee Against Smuggling and Counterfeiting Destroying the Economy) said, “While we will continue to highlight the issue of