India Needs to Priorities Conscious Consumerism to Curb Economy
National, 2nd February: The Authentication Solution Providers’ Association (ASPA), the non-profit organization which is the strongest advocate against counterfeiting and illicit trade elects a new Governing Body. Under the new leadership, the pioneering think tank shares a critical insight into the issue of counterfeiting that is depriving India of precious revenue.
ASPA’s New Governing Body says “There is an immediate need for India to prioritize Conscious Consumerism to curb the leak of precious tax revenue for the betterment of the Indian Economy”.
Mr. Manoj Kochar, Holoflex Limited has been voted as the President of ASPA. Mr. Ankit Gupta, Holostik India has been given the responsibility of Vice President. Mr. Luv Shriram, Shriram Veritech is the General Secretary and Treasurer. The names of the Governing Body Members are Mr. Saurabh Agarwal, Avery Dennison (India) Pvt. Ltd; Mr. Vikas Jain, ACVISS Technologies; and Ex-Officio: Mr. Nakul Pasricha, PharmaSecure. Co-Opted Governing Body Members are Mr. Gaurav Sathaye, United Speciality and Mr. Ranesh Bajaj, Vinsak India.
Sharing insights during the meeting Mr. Manoj Kochar, President, ASPA said, “Counterfeiting has and continues to be a very serious hindrance that has been slowing down the growth of India’s Economy. Unfortunately, neither of the stakeholders, be it the government, industry associations, businesses or the consumers give the matter the importance it deserves. Counterfeiting is divided into Deceptive and non-deceptive markets. In simpler terms some consumers buy a fake under the impression that it is an original (deceptive) and some consumers buy the product knowing that it is a fake (non-deceptive). In a recent survey done by us, it was found that an astonishing 31 percent of people willingly buy a fake product (ASPA Report to the Nation). This non-deceptive market fuels the counterfeit market and encourages criminals to produce and sell more such harmful and inferior fake products. It is extremely critical to nurture and motivate conscious consumerism plus active participation in the authentication process. Without the inclusion of the consumers it is impossible to fight against fakes.”
Mr. Ankit Gupta, Vice President, ASPA, “Circulation of counterfeit products does not only have financial but also social repercussions. It tarnishes the reputation of the country and reduces the faith of consumers. It is disheartening to see that consumers have lost so much faith that they are okay in buying a product even when they know that it is a fake and it could be harmful for them. Almost 89 percent of consumers acknowledge the presence of fake products in the market, even after discovering a fake product consumers take no or negligible action against it. The survey revealed that top categories in which consumers come across fakes are Apparel (31%), FMCG (28%), Automotive (25%), Pharmaceuticals (20%), Consumer durables (17%), and Agrochemicals (16%).
Awareness about the dangers associated with buying a fake product. They need to know that they might be spending less money but they might be making a very costly mistake. In critical products such as pharmaceuticals, food, alcohol, etc, this mistake could cost lives. Products which can have a direct impact on human health on consumption such as FMCG and Pharmaceutical are among the top 5 categories which have a high percentage of fakes.”
The menace of counterfeit, substandard and falsified products is rooted deep into the ecosystem and auctioning a strategic plan to counter it cannot be pushed further. It is an immediate need of the Indian economy which can put the saved revenue into effective use. By encouraging conscious consumerism, the whole ecosystem can be pushed towards a positive change.