- Import duties reduced to 150%, from the highest of 550% on some spirits
- But states allowed to impose duties equal to excise on domestic liquor
- Retail prices of all foreign liquor likely to come down by an average 25%
- The situation is still fluid; it will finally depend on the state excise
***Almost everyone seemed to be in high spirits after India's decision to drastically prune the import duties on foreign liquor. The Edinburgh-based Scotch Whisky Association (SWA) thought it would open up new possibilities for Scottish distillers to compete with our domestic liquor barons. The International Spirits and Wine Association (ISWA) felt it would knock out the local bootlegger from the marketplace. Local barons like Vijay Mallya (of the UB group) were also comfortable—it would provide them an opportunity to sell Scotch whisky in India through global acquisitions.