Diageo to cut Scotch prices in India as UK FTA halves import duties

In a significant development for spirits enthusiasts, Diageo has announced plans to reduce the prices of its Scotch offerings in India following the historic India-UK Free Trade Agreement. The deal, which cuts import duties on UK-made whisky and gin from 150% to 75%, and eventually to 40% over the next decade, is set to make premium spirits more accessible to Indian consumers. This move marks a pivotal moment in the trade relations between the two countries and is expected to boost the presence of UK spirits in the Indian market. Diageo, a leading player in the global spirits industry, is poised to capitalize on this opportunity by adjusting its pricing strategy in India. The company, known for its iconic brands like Johnnie Walker and Talisker, anticipates that the reduced duties will not only make its products more competitive but also drive an increase in sales volumes. By lowering prices, Diageo aims to attract a broader consumer base and strengthen its foothold in one of the world's fastest-growing markets for alcoholic beverages. The phased reduction in duties is also likely to encourage other UK distillers to explore opportunities in India, potentially leading to a more diverse range of products available to Indian consumers. As the agreement unfolds over the next decade, industry experts predict a transformative impact on the spirits market, with both countries reaping the economic benefits of enhanced trade relations. This development underscores the potential of strategic trade agreements in reshaping global markets and fostering economic growth.

— Authored by Next24 Live