How serious is the problem of counterfeiting in your jurisdiction? Please give an overview of the situation
The low barriers to the market entry and infiltration has ledto rampant infiltration of counterfeit and pirated products across all industries including medicines, auto and aeroplane parts, electrical components, toys, and food and beverage.Apart from the significant economic loss to the government (for example, in terms of sales tax, excise tax, income tax and customs duty, and loss of jobs), the counterfeit products pose risks to millions of individual consumers in terms of health and safety and even leads to child labour, money laundering and human trafficking. It also puts the reputation of the brand owners at risk, where they not only loose brand value and revenue but also lose consumer patronage, sales and profitability Read More.