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India slashes customs duty on bourbon whiskey to 50% amid mega trade deal with US
- India has slashed the customs duty on bourbon whiskey to 50 per cent amid the mega India-US trade deal. There has been no reduction in basic customs duty on the import of other liquors.
India has slashed import duty on bourbon whiskey to 50 per cent amid the India-US mega trade deal. The reduction in the customs duty on bourbon whiskey was notified just ahead of Prime Minister Narendra Modi's talks with US President Donald Trump. However, there has been no reduction in basic customs duty on the import of other liquors. They will attract 100 per cent duty.
The US is the primary exporter of bourbon whiskey to India, accounting for about one-fourth of all such liquor imported into India. According to the notification issued by the Department of Revenue, bourbon whiskey would now attract a 50 per cent customs duty on its import. It was 150 per cent earlier.
India imported bourbon whiskey worth $2.5 million in 2023-24. The major exporting countries include the US ($0.75 million), UAE ($0.54 million), Singapore ($0.28 million) and Italy ($0.23 million). India and the US have resolved to more than double their bilateral trade to $500 billion by 2030 and announced plans for a bilateral trade agreement to reduce duties and raise market access.
India-US mega trade deal
Prime Minister Narendra Modi announced on February 14 that India and the United States have jointly set a target of doubling their bilateral trade to $500 billion by 2030. Modi, who is on a two-day US tour, also said that the two nations will work on concluding a mutually beneficial trade agreement very soon.
"We have ... set ourselves the target of more than doubling our bilateral trade to attain $500 billion by 2030. Our teams will work on concluding a mutually beneficial trade agreement very soon,” PM Modi said, speaking at a press conference after a meeting with President Donald Trump in Washington.
Earlier, US President Trump welcomed Modi at the West Wing lobby of the White House in Washington, DC, on Friday (Indian time). The two leaders exchanged a warm hug as they greeted each other. The bilateral trade between the US and India stood at $129.2 billion in 2024, a record for the partnership.
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Business NewsEconomyIndia slashes customs duty on bourbon whiskey to 50% amid mega trade deal with US
First Published:14 Feb 2025, 09:40 PM IST
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