Counterfeits Cost India US$ 7.8 Billion A Year
20 January 2014
Experts say that India loses US$7.8 billion annually from counterfeiting, according to a statement released from the seventh annual Intellectual Property Summit. Delhi accounts for 75% of the manufacturing of counterfeit goods in India, according to the statement, released by YJ Trivedi - AMA Academy for Intellectual Property Rights in Ahmedabad. Sectors that are most affected include finance, entertainment, apparel, medicines, software, manufacturing, automobile parts and electronics. The two-day summit was held on January 9-10, 2014. Jatin Trivedi, an attorney at Y J Trivedi & Co, said that the threat of counterfeiting has risen exponentially over the last decade due to globalization, opening up of new markets and consumption related to well-known brands globally.
