While a 2019 report of the World Economic Forum forecasts that India will become the third largest consumer market after the US and China with a gross domestic product growth of 7.5%, and domestic consumption estimated at US$6 trillion by 2030, the need for legally backed frameworks against illicit trade across sectors remains a priority for the government of India.
Hammurabi & Solomon
The recent implementation of a World Health Organization (WHO) protocol on combatting illicit trade in tobacco is a significant beginning and paves the way for a comprehensive illicit trade control framework impacting the sustainability of players in a variety of sectors that damage the economy, impact public health and raise environmental concerns and, in some instances, also possibly being used to fund illicit activities.
The signing of the WHO protocol by India earlier last year and its recent implementation marked a step towards India’s committed efforts to curb illicit trade of goods as well as ending the evasion of taxes by ghost or illicit manufacturers.
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Manoj Kumar is the founder and managing partner at Hammurabi & Solomon
Hammurabi & Solomon405A & 405B, 4th Floor
Rectangle One, Gate No. 3
Plot No. D-4, Saket District Centre
New Delhi – 110017, India
Delhi | Gurugram | Mumbai | Bengaluru |
Patna | Ranchi
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Website: www.hammurabisolomon.com
