India-UK trade deal sealed, but scotch prices to come down only by next year
The agreement still awaits ratification by the UK Parliament before the changes come into effect.
Even when they come down, the reduction in prices will be in the range of only 8-10% as the share of customs duty to cumulative retail price of scotch is only around 15-20%, industry officials told TOI.
The reduction in duty on scotch had been a major ask of the UK govt during the negotiations for the Comprehensive Economic and Trade Agreement.
The UK Parliament is likely to ratify the deal only by the middle of next year. Once approved, the customs duty will come down to 75%, and thereafter reduce to 40% over the next decade.
Top international spirits makers such as Diageo welcomed the move, and even Indian makers – who source Scottish spirits for blending in their local brands – are upbeat.
'We laud the Indian and British govts for formalising this historic treaty which will boost bilateral trade and positively impact the accessibility of premium Scotch whisky in India, reigniting growth and increased choice for Indian consumers,' Praveen Someshwar, MD & CEO of Diageo India said.
Sanjit Padhi, CEO ofInternational Spirits and Wines Association of India (ISWAI) said the agreement paves the way for a more balanced and equitable trade environment, particularly as Indian alcohol exports to the UK have zero import duties.
However, industry officials say that despite halving of import duty, the actual reduction of consumer prices will not be more than 10%. 'The share of customs duty to the overall structure of MRP is hardly 15-20%, depending on the category.
The rest comprises state govt taxes, and distribution margins. So actual consumer prices will come down by only 8-10%,' an official said.
The reduction in import tariffs will also be a benefit for manufacturers of Indian Made Foreign Liquor (IMFL). Around 80% of the imported scotch is in bulk form, which is used for bottling in India and for blending by local whisky brands.
Abhishek Khaitan, MD of Radico Khaitan, said the company sees significant 'strategic and cost advantages' due to the trade deal. 'We have estimated our scotch requirements valued at over Rs 250 crore in FY26, and this treaty represents a substantial opportunity for value creation… this agreement is a win-win; empowering Indian enterprises to elevate their global competitiveness while showcasing India's excellence and innovation on the world stage.
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