Fake electronics market growing double of genuine goods: Minister

New Delhi, Dec 17: The counterfeit electronics products market is growing doubly fast as that for genuine goods and the government has set up a monitoring mechanism to check it, Communications and IT Minister Ravi Shankar Prasad told the Lok Sabha Wednesday. "The present size of counterfeit products in India is five percent of the overall market size and growing at a rate almost double that of genuine products which is worth over Rs.2,500 crore and is likely to grow to Rs.5,600 crore next year," Prasad said. A proper mechanism has been put in place to monitor counterfeit products and check them, he said adding that quality compliance of all genuine products is crucial.