India Strengthens Security, Could Save Billions by Curtailing Illicit Trade: FICCI CASCADE Report

India has made significant strides in bolstering its security measures over the past few years, a development that could potentially prevent the laundering of an estimated USD 159 billion through illicit trade, according to a report by Ficci CASCADE. Despite these improvements, further scaling of security protocols is necessary to fully safeguard India's economic stability and ensure fair competition.

Improved Security Measures Reflect Reduced Crime Rates

The Ficci CASCADE report reveals that India currently boasts a GTI (Global Terrorism Index) score of 7.43 and a crime index score of 44.7. These scores indicate fewer incidents of terrorism and crime compared to those recorded in 2016. The reduction in these rates underscores the effectiveness of the strengthened security measures implemented by the Indian government.

The Impact Of Illicit Trade On National Security And Economy

Illicit trade poses substantial threats to national security, legitimate manufacturing industries, government revenue streams, public health and safety standards, as well as consumer and investor confidence. By undermining these critical sectors, it jeopardises India's economic stability while stifling fair competition within various industries.

Tackling Illicit Trade: A Key To Sustainable Growth And Ease Of Doing Business

Addressing illicit trade is fundamental for fostering an environment conducive for sustainable growth and ease-of-doing-business in India. Tax authorities play a pivotal role in this fight against illegal trading activities as they can effectively choke off funding channels for such operations.

Government Initiatives Against Terror Funding And Illicit Trade Channels

Anil Rajput, Chairman of Ficci CASCADE highlighted the actions taken by the Indian government towards curtailing terror financing and illicit trading practices. He noted that Prime Minister Narendra Modi has been consistently emphasising on eliminating sources of terror funding with the aim to protect the nation's communities and economy.

The fight against terror funding and illicit trade is a global issue, transcending national borders, regions, or industries. It demands concerted efforts from all stakeholders to ensure the security of nations and their economies. As such, India's progress in strengthening its security measures serves as an encouraging sign towards achieving this objective.

Conclusion

In conclusion, while India has made commendable progress in enhancing its security protocols and reducing crime rates over recent years, more needs to be done to fully eradicate illicit trade activities that pose significant threats to national security and economic stability. The continuous efforts by government authorities towards eliminating sources of terror funding are crucial in this regard. By effectively tackling these issues, India can further foster an environment conducive for sustainable growth and ease-of-doing-business – ultimately benefiting consumers, investors, legitimate businesses, public health safety standards and the overall economy.