Counterfeiting - Overview
In layman language, the making of an imitation, copy of forgery of a genuine document, card, product, label, or package with the intention to deceive or defraud is counterfeiting. It is a global problem and no economies in world can overruled it. According to International Chamber of Commerce, the global economic value of counterfeiting and piracy could reach $2.3 trillion by 2022. In the Indian scenario, at present counterfeiting causes around Rs 1.05 lakh crore losses to country per annum. However, the black market by its nature cannot be measured precisely. As the Indian industries are expanding exponentially, so is counterfeiting, so much that it has almost become an industry in itself. The problem is much serious than just a number.
Trends and Statistics
Measuring counterfeiting is methodologically challenging for various reasons. First, it is an illegal activity and illicit traders attempt to remain invisible and are unlikely to record their activities. Also, for security reasons, data on illicit trade is usually difficult to obtain, as law enforcement agencies often prefer not to publicize the scope of their activity. Furthermore, all methods to estimate illicit trade have their limitations and not all studies clearly describe their methodology of these limitations. Few of the study findings are as listed.