Recently, it has been observed that illicit trade became one of the favourite mechanism used by terrorist organisations to finance their operations. Especially because it represents a huge source of financing: the total costs globally due to counterfeiting and piracy could reach $1.87 trillion in 2022.

The report discusses the socio-economic impact of illicit trade on global and Indian economies, with focus on smuggling, counterfeiting and piracy. Further, the estimation of smuggling of goods such as gold, electronics, machinery etc. has been done. The report additionally illustrates the measures taken by government and industry in dealing with the problem of illicit trade in India, and provides recommendations on the way forward for the same.