Fake electronics market growing double of genuine goods: Ravi Shankar Prasad

5 Dariya News

New Delhi 17-Dec-2014

The counterfeit electronics products market is growing doubly fast as that for genuine goods and the government has set up a monitoring mechanism to check it, Communications and IT Minister Ravi Shankar Prasad told the Lok Sabha Wednesday."The present size of counterfeit products in India is five percent of the overall market size and growing at a rate almost double that of genuine products which is worth over Rs.2,500 crore and is likely to grow to Rs.5,600 crore next year," Prasad said.“While a separate study for electronics products is not available, according to a study conducted by the Associated Chambers of Commerce and Industry of India, the counterfeit market is growing twice as fast as the market for genuine goods,” the minister said.

A proper mechanism has been put in place to monitor counterfeit products and check them, he said adding that quality compliance of all genuine products is crucial.The Department of Electronic and Information Technology had notified the Electronic and IT goods (Requirements for Compulsory Registration) order 2012 under compulsory registration scheme of Bureau of Indian Standards. The order mandated that 15 electronics and IT goods be tested for meeting Indian safety standards. In November 2014, the Department notified 15 additional electronics items under this order, the minister said.