New Delhi, Jun 30 (IANS): The Authentication Solutions Providers' Association (ASPA) and GS1 India, a standards organisation set up by the Ministry of Commerce and Industry, have joined hands for developing the anti-counterfeiting ecosystem using global standards.

ASPA is a self-regulated non-profit organisation representing the physical and digital authentication solutions industry. GS1 India, a standards body, is responsible for administering the use of global supply chain standards in India that enable businesses to implement counterfeit detection and product authentication solutions.

"The two organisations have signed an MoU to jointly work towards mainstreaming and nurturing the anti-counterfeiting ecosystem by promoting the use of standards based solutions for the betterment of industry and consumers, at large," said a statement.

It noted that counterfeit products across various sectors in India are causing losses of over Rs 1 lakh crore every year to the government and the number of counterfeit cases has increased by nearly 24 per cent in 2019 as compared to 2018.

This causes businesses to lose brand equity and revenues, besides putting consumer safety at risk, it added.

Speaking about the partnership Nakul Pasricha, President, ASPA said: "The authentication environment will support the government's 'Make in India' initiative and its image at global level, where trust is becoming an especially important factor."