Handling Counterfeit Economy

The counterfeit goods market remains a significant threat to India’s economy, affecting nearly every industry, from consumer products to pharmaceuticals, electronics, and more. This parallel economy not only undermines brand integrity and trust but also poses risks to consumer safety and contributes to financial losses for businesses and the government. As India aspires to become the third-largest global economy, tackling the counterfeit economy has never been more urgent.

Experts, industry leaders, government officials, and stakeholders gathered to address this pressing issue. During the event, participants shared insights into the challenges associated with combating counterfeiting, including the rise of sophisticated technologies used by counterfeiters and the global reach of counterfeit goods.

The roundtable highlighted the need for a collaborative approach, where government regulations, industry innovations, and academic research come together to form a robust strategy against counterfeit goods. Participants emphasized the role of technology, such as blockchain, AI, and IoT, in identifying and tracking fake products. There was consensus on the importance of educating consumers about the dangers of counterfeit products and strengthening enforcement mechanisms across supply chains.