The trade in contraband, counterfeit and unregulated goods has become a massive global challenge, valued at an estimated US$4.833 trillion in 2025. For India, the toll of this shadow economy is particularly severe. According to the FT Longitude “Shadow Markets” report, presented at the ASIASec2026 conference in Mumbai, illicit goods in India are worth an average of US$231.5 billion a year. That implies an estimated US$15.6 billion in lost tax revenue annually. Sectors like textiles, footwear and tobacco are being targeted by increasingly sophisticated criminal networks, and enforcement alone is struggling to keep pace. In conversation with Hazem Ibrahim, Founder & CEO, ASIAS Security Group, the organiser of the Asia Security Conference & Exhibition (ASIASec2026), we explore the report’s key findings, the sectors most at risk, and the layered strategies needed to protect India’s legitimate commerce.
