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Pernod Ricard to cut Scotch prices in India after UK trade deal
The Indian arm of French liquor giant Pernod Ricard said on Wednesday that the India-UK free trade agreement (FTA) will enable it to reduce prices of imported liquor for Indian consumers.
'The FTA is expected to improve access to premium Scotch whiskies by making them more competitively priced, as reductions in import duties on 'Bottled in Origin' products will translate into lower retail prices across most states,' said a Pernod Ricard India spokesperson, reported news agency PTI.
Bottled in Origin (BIO) refers to premium spirits bottled in their country of origin before being imported to India, commanding some of the highest price points in the market.
Duties to be slashed under new trade deal
Under the FTA, the current 150 per cent import duty on Scotch whisky will be cut to 75 per cent initially and then gradually reduced to 40 per cent over the next 10 years.
However, the spokesperson also noted that while the price reductions will benefit Indian consumers, they will have minimal impact on Indian Made Foreign Liquor (IMFL), which already sells at much lower price points.
Pernod Ricard's global portfolio includes brands like 100 Pipers, Chivas Regal, The Glenlivet, and Absolut. In the IMFL category, it sells products such as Blenders Pride, Imperial Blue, and Royal Stag, making it the market leader in India by sales.
India's growing Scotch whisky appetite
India has already overtaken France in Scotch whisky imports by volume, bringing in 192 million bottles in 2024, up from 167 million in 2023. The trade agreement is expected to further boost these numbers.
Mark Kent, chief executive of the Scotch Whisky Association, said that the duty cuts 'will be transformational for the industry and has the potential to increase Scotch whisky exports to India by £1 billion over the next five years, creating 1,200 jobs across the UK.'
Last week, Diageo Plc also said it would reduce prices of its Scotch whisky brands in India following the implementation of the FTA.
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