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What the India Tariffs Deal Means for Scotch Whisky
INDIA, JUL 24 – The UK-India Free Trade Agreement halves whisky tariffs from 150% to 75%, but price cuts in India will be limited due to state excise policies and market pricing dynamics.
- On Thursday, Sir Keir Starmer and Narendra Modi signed the FTA at Chequers, with tariffs on whisky halved from 150% to 75%.
- With trade set to rise by $34 billion annually, UK Government said, adding foundations for further investment and jobs.
- While customs duties on imported spirits will fall in phases, with tariffs on premium Scotch from 150% to 75%, then 40% over the next decade, while narrow gap with bottled-in-India whiskies limits market shifts, Onkar Sharma, Partner at Khaitan & Co, said.
- Despite duty cuts, consumers should not expect much change, said Vinod Giri, adding that the FTA will not dramatically reshape the Indian whisky market.
- Potentially, initial price cuts by multinational companies may reverse within 12 months while botted-in-India whiskies could shift production back to the UK.
18 Articles
18 Articles
Scotch whisky to get cheaper as tariffs halved under India-UK FTA - The Statesman
The Scotch whisky imports from the UK are set to get cheaper for Indian consumers, with tariffs slashed from 150 per cent to 75 per cent as India and the UK have signed the Comprehensive Economic and Trade Agreement (CETA).
India-UK FTA makes Scotch cheaper. India and its love affair with whisky
Indian consumers can raise a glass to the signing of the India-UK Free Trade Agreement (FTA). As a result of the pact, the tariffs on Scotch whisky will be reduced at the first stage to 75 per cent from 150 per cent, followed by a progressive reduction to 40 per cent over the next decade. This is expected to lower the rates of many alcohol brands in India by Rs 150-300
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The India-UK Free Trade Agreement (FTA) will lead to a reduction in prices of scotch whiskey, but not to such an extent that it would reshape the market. The price cuts are highly dependent on the pricing mechanism of every state.
Scotch whisky cheers UK-India free trade deal - Scottish Business News
The signing of the UK-India free trade agreement has been welcomed as a transformative moment for Scotland’s iconic Scotch whisky sector, with industry leaders predicting wider access to one of the world’s largest emerging whisky markets. The historic agreement, which awaits ratification from both the UK and Indian governments, is set to reduce long-standing tariffs and open the door for premium Scottish spirits to flourish among India’s rapidly…
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