The value of counterfeit and pirated products sold worldwide is expected to grow to as much as $1.78 trillion in 2015 and is likely to hurt foreign direct investment and tax collections in many G-20 countries, including India, says a report.
The total worth of counterfeit and pirated products is likely to be $1.22-1.77 trillion in 2015, much higher than the 2008 estimate of just $455-650 billion, according to the study by Business Action to Stop Counterfeiting and Piracy.
". . . A number of G-20 economies may be missing out on higher FDI as a result of concerns over IPR (Intellectual Property Rights) enforcement.
The lost investment could give rise to additional tax losses of more than $6.25 billion across the G-20," the study noted.
International trade in counterfeit and pirated products is alone projected to be worth between $770-960 billion by 2015.
Product counterfeiting and piracy is estimated to cost G-20 governments and consumers more than $125
billion every year.
India is a part of the G-20, an influential grouping of developed and developing countries.
The G-20 economies lose approximately $77.5 billion in tax revenues and higher welfare spending, $25 billion on increased costs related to the crime and $18.1 billion on the economic cost of deaths resulting from product counterfeiting, among other things, it added.
The report was released at the Global Congress on Combating Counterfeiting & Piracy. According to experts, there should be increased cooperation between governments and law enforcement agencies to fight the menace of rising product piracy and counterfeiting.
© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
The value of counterfeit and pirated products sold worldwide is expected to grow to as much as $1.78 trillion in 2015 and is likely to hurt foreign direct investment and tax collections in many G-20 countries, including India, says a report.