New Delhi, Jan 31 (IANS): Authentication Solution Providers Association (ASPA) has urged the government to adopt a strategy to fight counterfeiting in the country as fake products result in huge losses to the exchequer every year.

Nakul Pasricha of ASPA said: "Needless to say that this Union Budget due to its timing is more crucial than ever. A precedent needs to be set for the future after re-analysing and re-prioritising what is important for the people of the country. We have been advocating that the government should adopt a strategy to fight counterfeiting in the country."

In a statement, Pasricha said that counterfeiting robs around Rs 1 lakh crore every year from the government's revenue and that by reducing this loss the money could be directed towards public welfare and aid the country in times of crisis such as the one we are facing.

"Counterfeiting and illicit trade situation has become a matter of national pride along with being a critical economic well-being and human well-being matter. It is encouraging to see that the government is paying attention to the counterfeiting issue, and systems such as the COVIN app are being created," he said.

He added that a national strategy for developing and nurturing an authentication ecosystem and committing resources for it is the only way that can effectively fight counterfeiting and illicit trade in the country.

ASPA has recommended implementation of authentication, serialisation-and-traceability method on the product packaging, like provisions pharmaceutical companies are already using for export regulation and market.

It has also sought putting in place a comprehensive anti-counterfeiting system that starts with training staff to spot and test for counterfeit products, buying only from trusted sources, monitor the flow of goods, and report the entry of fake goods into the supply chain.