Trust is invisible foundation of every healthy economy: Ram Nath Kovind

NEW DELHI, September 19, 2026: Mr Ram Nath Kovind, Hon’ble Former President of India today while addressing the FICCI-CASCADE ‘MASCRADE 2026’ (Movement Against Smuggled and Counterfeit Trade), said that trust is the invisible foundation of every healthy economy and smuggling, counterfeiting gradually erode that trust. “Consumers trust manufacturers, manufacturers trust the supply chain, investors trust their institutions and their regulators. Smuggling and counterfeiting gradually erode that trust. The entire economic system is based on trust. Therefore, the movement against counterfeiting and smuggling is about protecting the trust in the systems and institutions that allow an economy to function,” he added.

Mr Kovind further stated that in today’s world, illicit trade has taught us a lesson that a supply chain is only as secure as its weakest point. Highlighting the importance of the conference’s theme - ‘One World, One Fight: Eliminating Counterfeiting and Smuggling Through Collective Action’, he said that the theme of this conference has a sense of resonance with India's largest vision for the world. “Our Prime Minister Narendra Modi has articulated the principle of one earth, one family, one future as a guiding commitment for India. There is a natural connection between that vision and the idea of one world, one fight.

Both remind us of a simple truth, our challenges are interconnected and so are our destinies,” he noted.Mr Kovind added that India today is at an important moment in its economic journey. “We are witnessing transformation across manufacturing, infrastructure, technology, entrepreneurship and global trade. Indian enterprises are increasingly becoming part of global value chains, while our digital economy is creating new opportunities for businesses and consumers. With this growth comes a responsibility to protect the ecosystem that makes such growth possible,” he emphasized.

Mr Vivek Chaturvedi, Chairman, Central Board of Indirect Taxes and Customs (CBIC) said that the illicit economy is no longer simply about bringing prohibited goods across the border. It is increasingly about creating an entire parallel supply chain using legitimate logistics infrastructure, documentation, financial channels, and digital platforms to disguise such illicit activity.Mr. Anil Rajput, Chairman, FICCI CASCADE, said, “The fight against illicit trade is not merely an economic imperative, nor should it be viewed simply through the lens of revenue loss. It is a security imperative. It is a governance imperative and, ultimately, an imperative for peace and stability of nations across the globe.”