Findings at ASIASec2026 show illegal trade in India $231.5B annually
Business
A fresh report reveals illegal trade in India is now worth a massive $231.5 billion each year, leading to a loss of about $15.6 billion in taxes annually.
The findings, shared at the ASIASec2026 conference in Mumbai, highlight how criminal networks are getting smarter and harder to catch, especially in sectors like textiles, footwear, and tobacco.
Experts recommend customs checks, tobacco tracking
Counterfeit clothes and illegal tobacco are especially widespread, with a 2022 study showing that 31% of Indian shoppers knowingly buy fakes.
To fight back, experts recommend better customs checks, more global teamwork, and tracking systems for products like tobacco, all aimed at protecting honest businesses and keeping consumers safe from the risks of illicit trade.