BENGALURU: The International Spirits and Wines Association of India (ISWAI) on Saturday said that the spirits sector has emerged as the key driver of employment, investment and state revenues and attributed it to the progressive reforms by the state government.
“The government’s 2024 initiative to rationalise duties and pricing of premium spirits has yielded tangible results.
The share of premium spirits (slabs 8+) in overall industry sales increased from 6.35% during September–January 2023–24 to 9.14% in the corresponding period this year. The revenue from the premium segment rose by 14%, contributing nearly 30% of incremental revenue growth,” ISWAI said in a statement on Saturday.
“The average revenue per case increased by 12%, from Rs 4,216 to Rs 4,728. Modelled projections indicate that a calibrated rationalisation could potentially generate an additional Rs 24,238 crore in revenue during the next five years, driven by consumer upgradation to premium segments.
As one of India’s leading economic hubs, Karnataka is well-positioned to lead premiumisation trends, supported by rapid urbanisation, rising disposable incomes and a young, cosmopolitan and educated workforce,” the release added.