Smuggling: The silent menace that India must fight

The illicit market in five key Indian industries is valued ata massive Rs 260,094 crore for the year 2019-20.

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The International Monetary Fund IMF) in its recent January update of its World Economic Outlook said India remains the fastest-growing economy in the world. The outlook predicted that the Indian economy will grow at 6.1% in 2023, while in 2024, it is expected to growat 6.8%. However, a hidden and silent element called smuggling has also been growing and could throw a spanner in India’s growth story.

As per WHO, eliminating illicit trade would gain governments at least US$31.3 billion every year, and from 2030 onwards more than 164,000 premature deaths every year could be avoided, with the vast majority of these would be in middle and low-income countries. Smuggling has different ramifications for developed and developing countries. For example, global brands mostly found in developed countries) increase their revenue when their legally produced goods find their way as contraband to markets of developing countries. The developed world is more concerned about counterfeiting than smuggling. Interestingly, there is a World Anti-Counterfeiting Day but there is no International Anti-Smuggling Day. More of that later.