What are the reasons behind the growth of counterfeiting in India?

Fake products in India - Holostik

In the past few decades, there has been an enormous growth in the field of innovation and technology in India. This is further supplemented by the rising impact of globalization and an increase in spending power of the average consumer. However, the scenario has brought along many problems.

Among the many problems, the menace of counterfeiting is growing on a humungous scale. The current value fake products in India has reached more than 1 lakh crore annually.

Counterfeiting also referred as piracy in common trade parlance mean the unlawful acquisition by a person of the property of another person without his consent. Counterfeiting includes forgery of currency, documents, software, pharmaceuticals, jeans, watches, electronics and company logos and brands.

So, what are the reasons behind the growth of counterfeiting in India, let’s discuss at – https://bit.ly/2MfeMlS

How does counterfeiting affects consumers?

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Counterfeiting or duplication is a growing menace which has an evil impact on different industries. Organisations lose millions of dollars every year due to the sale of counterfeit products. The problem of duplication has sneaked in every sector. It is estimated that by 2022, the value of counterfeit and pirated goods will be around $1.90 -$2.81 trillion as per FICCI.

Most of the times the repeated attempts of organizations to fight the counterfeits have turned futile. A large amount of money and resources are spent on fighting fakes. However, it is not just the companies which are facing the wrath of counterfeit products, consumers also bear its brunt. To say it simply, there are many impacts of duplication on the consumers.

Duplication poses a significant risk to consumers. Counterfeit goods can lead to injuries, illnesses, death as in the case of counterfeit drugs. In cases where counterfeit goods cause no physical harm, consumers are harmed financially when they are duped into spending their hard-earned cash for a poor-quality fake.

To know more about it, keep reading at – https://bit.ly/2O4VPp8

Indian markets of counterfeit goods-destroying businesses and brands

Indian markets of counterfeit goods - Holostik

One of the biggest reasons for the sale of counterfeit goods are their low prices compared to the original items. Whether it’s a designer bag or a diamond-studded watch one can easily buy their cheap replicas. Experts have revealed that the replicas of luxury goods are sold at 1/4^th of the original price. Such counterfeit goods are sold at different markets situated in different cities of India and are quite a rage among shopping lovers. However, these markets are quite detrimental to the original brands and their outlets.

Let’s know about the market locations popular for the sale of counterfeit goods.
1. Ghaffar market in Delhi
2. Brigade Road in Bangalore
3. Linking Road and Heera Panna market in Mumbai
4. Vardaan market and new market in Kolkata

To know more about it, Keep reading at : https://bit.ly/2GWHIOQ