Monitoring, awareness can save Rs 50, 00 Cr loss per annum due to fakes

Oct 12, 2019

New Delhi: Curbing counterfeits through proper implementation of authentication solutions, awareness and monitoring can save a revenue loss of more than Rs 50,000 crore per annum .

The market for counterfeit also known as ‘fake’ products is huge, penetrating into every industry possible. Be it counterfeit medicines, fake auto parts, beauty products, FMCG products or software, this global menace of counterfeits has resulted in an estimated revenue loss of INR 1,05,000 lakh crore for the Indian economy, besides eroding brand equity and jeopardizing consumer rights and protection.

If counterfeiting is curbed by 50 per cent through proper implementation of authentication solutions, enforcement, awareness and monitoring, it can save more than Rs 50,000 crore per annum.*

To address the growing threat of counterfeit brands and curb the menace, the Authentication Solution Providers’ Association (ASPA) together with Messe Frankfurt Trade Fairs India Pvt Ltd will hold the third annual edition of The Authentication Forum 2019, a leadership summit on anti-counterfeiting and brand protection, scheduled on the 7 — 8 November 2019 at The Lalit, New Delhi.

In order to protect brands, businesses and most essentially consumer rights, this platform will help discuss solutions and effective strategies to address challenges that counterfeiting poses to the industry. Themed as ‘Winning the War- Combating Counterfeits’, the forum will bring together industry leaders and global experts along with top authorities from Government and regulatory authorities.

Topics like the role of government and industry in curbing counterfeit menace; what other countries/global brands are doing to combat counterfeiting; consumer empowerment in the fight against fakes; implementing an end-to-end anti-counterfeiting system- perspectives from different industries; evolution of brand protection and the way forward will be the major highlights that the eminent speakers will address.

–India News Stream