Scotch whiskey prices to drop in India? Here's what all will be cheaper after India-UK free trade deal
&imwidth=600&imheight=450&format=webp&quality=medium "Scotch whiskey prices to drop in India? Here's what all will be cheaper after India-UK free trade deal")
Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer Photograph: (X/@narendramodi)
India-UK Free Trade Agreement (FTA) is India's most ambitious trade deal in over a decade, which both nations have called a "historic milestone" in their economic relationship.
As India and the United Kingdom signed a historic Free Trade Agreement (FTA) on Thursday (July 24) after three years of negotiations, the deal will give a much-needed boost to the bilateral trade between the two nations, by around $34 billion annually. As per the details of the agreement, cost of scotch whiskey, cars, chocolates, aerospace parts and several other products will decrease. This comes after Indian Prime Minister Narendra Modi visited the UK, to sign the historic deal.
Notably, this is India's most ambitious trade deal in over a decade, which both nations have called a "historic milestone" in their economic relationship.
The deal will lead to a cut in prices of scotch whiskey; however, it won't have a major impact on reshaping the market. It will now be easier for UK firms to export whiskey to India with tariffs slashed in half.
Scotch whiskey
It will now be immediately from 150% to 75% and then drop even further to 40% over the next ten years. In the premium segment of scotch, where the prices start from Rs 3500 per bottle, brands like Johnie Walker, Black Label and Chivas Regal 12 years may cost less by Rs 200-300 per bottle.
Meanwhile, for the standard segment, which costs somewhere between Rs 1700 and Rs 2000, brands like Red Label and Ballentine's may cost less by Rs 100-150.
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"Most Indian whisky producers import Scotch whiskey to use for blending with domestic whiskies. Reduction in customs duty will help the bottom lines of these Indian producers," said Vinod Giri, liquor trade expert and director general of Brewers Association of India.
Aerospace parts
Now, under the deal, people and industries in India will be able to access several products made and imported from the UK, including medical devices and aerospace parts at much affordable prices.
Soft drinks, chocolate, and biscuits
Indian customers will now have better access to British products, including soft drinks and cosmetics. Meanwhile, India will also cut tariffs on salmon, chocolates, and biscuits imported from the UK, making them cheaper for Indians.
Moreover, the Indian professionals will be exempted from UK social security payments for three years under this deal.
