Counterfeit auto parts to touch 6k-cr mark

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New Delhi: With counterfeiting of auto spare parts touching the Rs 6,000-crore mark, India is expected to get the dubious distinction of becoming a global hub for such activities, according to the Society of Indian Automobile Manufacturers (Siam). “Up to now counterfeiting of auto spare parts has been mainly done from places like China, Dubai and Thailand. But India is also becoming a big place, says Rajendra Bhurat, chairman, anti-counterfeiting group, Siam.

“If we don’t tackle this problem we could be easily clubbed with countries like China as a hub of counterfeiting and there is every possibility that these activities could be on the rise as economic growth has slowed down over the last six months,” he said, adding that the huge price difference, anything ranging from 30-40%, between a genuine and a fake part has made it a lucrative option for buyers. According to Siam, the component counterfeiting has emerged as major threat to the automobile sector with the counterfeit component market in India growing to as big as between Rs 4,395 crore and Rs 6,322 crore. This is around 32% to 47% of the total component aftermarket and more than one-third of the total aftermarket component sales which currently stands at Rs 14,000 crore.