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Liquor: A worrisome brew

The likes of McDowell, Shaw Wallace, Mohan Meakin and Jagatjit Industries have reason to worry because of the impact of the proposed Budget provisions. The FM has announced a significant drop in the import duties on liquor thereby reducing the level of protection for domestic companies. However, it remains to be seen whether the proposal will actually be passed. Further, liquor is more of a State subject rather than a central one and any drop in Customs duty at the Central level can be countered by raising duties at the State level. However, if the proposal is passed and the State Governments do not offer protection, Indian liquor majors could be in for trouble, especially in the premium end of the market.

BL Research Bureau

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