India to meet liquor firms as domestic giants join foreign peers in Scotch dispute
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓India’s government will hold talks with liquor companies on Monday regarding bulk Scotch imports.
- ✓Domestic firms joined Diageo and Pernod to express alarm after officials said these imports are not eligible for tariff cuts.
- ✓The industry warns this could hurt domestic manufacturing, as many brands rely on these bulk supplies.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Reuters
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
NEW DELHI, Oct 31 (Reuters) - India's government will hold talks with liquor companies on Monday after domestic firms joined Diageo and Pernod in expressing alarm about a federal investigation into bulk Scotch imports, according to four sources and an industry letter.
In the first major dispute linked to a historic India-UK trade pact implemented in July, New Delhi has told major companies that bulk Scotch imports are not eligible for the tariff reduction to 75% from 150% agreed in the deal.
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The Confederation of Indian Alcoholic Beverage Companies (CIABC) has now joined the protest by flagging a hit to domestic manufacturing, according to an October 27 confidential letter to the government that Reuters is reporting for the first time.
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