Friday, December 19, 2014: The fake electronics products market is growing at twice the rate as that of the genuine goods. The government has, however, asked to set up a proper monitoring mechanism to keep a check on this rapidly flourishing counterfeit products market.
Ravi Shankar Prasad, the telecom minister, has shared that according to the survey conducted by Associated Chambers of Commerce and Industry of India, the market for counterfeit products is emerging twice as fast as the genuine products market. However, he had mentioned that exact statistics for the electronics products are not available.
He further noted that the present size of the counterfeit products in India is five per cent of the overall market size and it is growing at a rate almost double of that of the Rs 25,000 million worth genuine products market and perhaps is likely to grow further to Rs 56,000 million by next year.
Prasad stated that a proper mechanism has been set up to check the counterfeit products and the quality compliance of all genuine products. He noted that the Department of Electronic and Information Technology had marked ‘Electronic and IT goods (Requirements for Compulsory Registration) order 2012 under compulsory registration scheme of BIS. The order has made it mandatory to check upon 15 electronics and IT goods, need to tested for meeting Indian safety standards. He said that the department had added 15 more electronics items under this order in November 2014.
