India, Oct. 30 -- India's growth narrative is built around scale: Faster GDP expansion, rising exports, deeper manufacturing capabilities and rapid digitalisation. Yet, as the country moves towards its Viksit Bharat ambitions, one question deserves far greater policy and boardroom attention: Are the markets, supply chains and institutions supporting this growth secure enough?

The answer will shape not only India's revenue base, but also the credibility and resilience of its growth model.

Smuggling, counterfeiting and other forms of illicit trade are still viewed largely through the prism of enforcement and tax leakage. That frame is inadequate. Illicit markets distort price signals, erode formal-sector competitiveness, expose consumers ...