India-UK Free Trade Agreement Slashes Scotch Whisky Prices
Following the landmark India-UK Free Trade Agreement, import duties on British spirits, including Scotch whisky, are set to decrease significantly. This tariff reduction will lead to more affordable prices for various Scotch brands in India. Despite being a small part of the Indian whisky market, Scotch holds a significant status.
- Country:
- India
The newly signed Free Trade Agreement between India and the UK promises a significant reduction in import duties on British spirits, including Scotch whisky. This landmark deal is set to slash taxes on whiskies from 150 percent to 75 percent immediately, with gradual reductions to 40 percent over a decade.
Experts predict that premium Scotch brands, such as Johnnie Walker, Chivas Regal, and The Glenlivet, will see a significant drop in prices, making them more accessible to Indian consumers. India, already the world's largest market for Scotch by volume, could further increase its consumption of these esteemed brands.
Despite Scotch's less than one percent share in the vast Indian whisky market, the reduction in duty is keenly anticipated to boost both availability and affordability of premium spirits, catering especially to the growing demand for luxury whiskies among India's elite.
(With inputs from agencies.)
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