Express Pharma

Government must assign a budget to fight counterfeiting for economic regeneration

Nakul Pasricha, President, Authentication Solution Providers’ Association (ASPA), emphasises on the need for budget allocation to fight counterfeit drugs and economic regeneration of the Indian pharma industry

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Illicit trade and counterfeiting threaten global economies and impact legitimate economic activity. It deprives governments of revenues for investment in vital public services, dislocating millions of legitimate jobs and causing irreversible damage to ecosystems and human lives.

Protecting tax losses post COVID-19
The COVID-19 crisis has caused a significant deterioration in public finances, which calls for a rethink of tax and spending policies once the recovery is well underway. As the second year of the pandemic comes to a close, the economic damage that the country has endured is evident. The 15th Financial Commission has estimated the shortfall in tax collections for FY 2020 at Rs 10 lakh crores, which is 28 per cent of India’s total budget. Further, according to sources, tax loss to the exchequer from counterfeiting products is estimated at approx Rs 39,239 crores. The pandemic has given criminals an even more significant opportunity to exploit gaps in th