India's bulk Scotch imports surge nearly 1,000% after India-UK pact
Business
India just saw a massive spike in bulk Scotch whisky imports from the UK up nearly 1,000% this August compared to last year.
This big jump happened right after the new India-UK free trade agreement kicked in on July 15, cutting tariffs on large shipments from 150% down to 75%.
As a result, more Scotch is coming in bigger containers (over 2-liter), with those volumes rising by nearly 679%.
India's small-container imports drop almost 30%
While big shipments are pouring in, smaller container imports actually dropped by almost 30%, showing how much the new tariff rules are changing things.
The commerce ministry says it is working with the finance ministry to sort out any classification issues so that importers can keep benefiting from the trade deal without hiccups.