India Lost Rs 58,521 Crore Illegal Trade Of Fmcg Mobile Tobacco Liquor Know The Matter ABPP

Industry body FICCI (FCCI) has released a report on Thursday, 22 September. According to this report, due to illegal business of five major items like everyday consumption goods (FMCG), mobile phones, tobacco and liquor in India, there has been a loss of Rs 58,521 crore to the exchequer in the form of tax in 2019-20.

According to the report, the share of illegal business in these industries was slightly more than 2.60 lakh crore in the year 2019-20. The FMCG industry accounted for 75 per cent of the total illegal business in five major industries. In the total tax loss to the government, industries with high regulation and high tax are tobacco products and alcohol. Both of them account for about 49 percent of the total tax loss to the government.

15,94,000 lakhs jobs
The report said that the illegal business in these industries has not only caused loss to the exchequer. Rather, 15,94,000 people have lost their jobs in the year 2019-20. FMCG food items lost the highest number of 7.94 lakh jobs. On the second place was the tobacco industry. In the year 2019-20, 3.7 lakh people have lost their jobs in the tobacco industry, 2.98 lakh in the FMCG domestic and private use industry and 97,000 in the liquor industry due to illegal business. In addition, 35,000 people lost their jobs in the mobile phone industry.

Due to illegal trade in these five sectors, the government suffered a tax loss of Rs 17,074 crore in FMGC food items. There was a tax loss of Rs 15,262 crore in the liquor industry, Rs 13,331 crore in the tobacco industry, Rs 9,995 crore in the FMCG domestic and personal use industry and Rs 2,859 crore in the mobile phone industry.

What is FICCI

FICCI (Federation of Indian Chambers of Commerce and Industry) is a non-profit and non-governmental business organization. Which was made in 1927. This organization was founded by GD Birla and Purushottam Thakur Das, whose main work is to tell about the policy. Its membership is opened to the corporate sector for small and medium enterprises (SMIs) and multi-national corporations (MNCs) as well as both public and private.

What are the functions of FICCI

1. FICCI plays a role in policy making

FICCI plays an important role in the formulation of economic and finance policies. The Federation of Indian Chambers of Commerce and Industry, in association with policy makers, government and civil society, influences policies by expressing industry views and suggestions.

2. Works jointly with similar associations abroad

FICCI works to voice the opinion of the Indian industry on the global stage. It works with joint business councils and private industrial alliances located around the world for business growth.

3. Provides Guidance and Education

FICCI guides its member organizations by publishing informative magazines useful to the business community. Provides them business related education and tries to find solutions by discussing the existing problems.

4. Assistance to the Government
In addition, FICCI assists the government in the areas of trade negotiations with other countries and receives information by sending its experienced personnel abroad to study the economy as well as the business environment. Which helps the government.

5. Provides information on export

Provides reliable and valuable information on prospects and new developments in foreign trade by studying the business environment and import regulations of many foreign countries.

6. Organizes negotiations by calling business representatives from abroad

It plays an important role in inviting foreign business delegations of public and private level. This improves foreign trade and foreign investment in the country.

How to get FICCI Membership

Membership of Federation of Indian Chambers of Commerce and Industry is open to all business organizations, public or private, small or large, service or manufacturing. Presently more than three lakh members of Federation of Indian Chambers of Commerce and Industry are directly and indirectly associated with various industries. . Anyone can become a member by using

(Input also from PTI)

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