UK deal to boost scotch sales: Maker of Glenfiddich, Balvenie
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This deal will lead to the entry of new higher-end editions in the country, apart from giving a fillip to the sale of premium spirits brands.
Sachin Mehta, country director (India & subcontinent) for William Grant & Sons, said the company is witnessing strong sales in India, and this is going to further strengthen as it introduces limited editions and newer variations.
"I think it's a landmark achievement for both the countries and for our industry especially," Mehta told TOI, when commenting on the India-UK Comprehensive Economic and Trade Agreement (CETA) that was signed in late July.
The agreement will see India reduce the import duty on scotch from 150% to 75%, and thereafter to 40% over the next decade. "I think it's a very, very progressive move."
Mehta said it is too early to talk about consumer price reductions, especially as the deal is yet to come into play - the British Parliament has to ratify it - and the impact of state taxes in India has to be factored in.
"I think that it will ultimately benefit the consumers over here. But time will tell in terms of what the real shape will be. The first phase is likely to come into effect in about four or five months. There's still the fine print. But ultimately it's the 10 years that we're talking about when it goes down to the landing rate and that'll be a great one."
He said the relaxation encourages the company to further strengthen expansion plans. "When you have ease of doing business, it really builds the confidence. And, all of that will translate into getting better products."
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