Export of India-made spirits expected to surpass USD 1 billion mark
Rajesh Agrawal, Additional Secretary at the Ministry of Commerce, highlighted this projection on Thursday, emphasizing the accelerating popularity of Indian made spirits worldwide.
In 2022-23, the export value of Indian spirits reached USD 325 million, and with the escalating global demand, experts anticipate this figure to surpass USD 1 billion in the near future.
Speaking on the subject, Agrawal stated, «Global market of alcoholic beverages stands today at USD 130 billion and Indian exports of these products was USD 325 million in 2022-23. As the global demand for Indian spirits is growing, we expect that in a few years, exports of Indian spirits will cross USD 1 billion.
In our negotiations for a free trade agreement with the countries we are trying to get duty concessions for Indian spirits».
Negotiations for free trade agreements (FTAs) play a crucial role in facilitating the growth of Indian spirits exports.
Agrawal noted, «The world trade in the segment is dominated by scotch which is around USD 13 billion. The condition for scotch is that it must be matured for a period of three years and in our FTA negotiations it has not been resolved yet.
As per the Indian alcohol and beverage industry Indian climate is warm and here whiskey matured in one year. That is the issue we are trying to negotiate and resolve in our FTAs.
»Agrawal said, «Law in many countries prohibits the one-year maturity period but some countries have their own standards.
Recently Confederation of India Alcoholic Beverage Companies (CIABC) has sought better market access for Indian products in the EU. CIABC, the apex body of Indian alcoholic beverage manufacturers, has demanded that the EU should remove the non-tariff barriers which prevent
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