Govt scientists to validate star ratings of white goods
₹6,238 crore. According to BNP Paribas, the market size of ACs in India is ₹18,000 crore and it is estimated to grow 12-15% by 2027.
Manjeet S Chawla, general manager, Development Control & Planning of LG Electronics, said: “We support consumer affairs ministry's plan to validate star ratings of energy-efficient products like ACs, refrigerators. We hope and believe that this Initiative will put a check on substandard products from market and end users will get truly energy efficient Products." Mint reported on 5 March that the consumer affairs ministry is planning to create a new system to help identify and contain the flood of counterfeit products in the retail market.
The ministry is planning to revisit its conventional sample collection mechanism by engaging scientists from NTH and developing a methodology that can identify counterfeit goods within a fixed time frame. A recent Ficci report said the total global economic and social costs due to counterfeit products were around $2.2 trillion in 2022, accounting for a massive 3% of the world's GDP.
A Ficci study from 2022 estimates a 163% increase in tax losses to the exchequer from counterfeit products over 10 years, amounting to ₹58,521 crore across five key industries—consumer durables, textiles, readymade garments, tobacco products and capital goods. Additionally, nearly 1.6 million domestic jobs were lost in just these five industries alone due to this significant challenge.
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