According to the study, around 1.4 crore people consume alcohol in West Bengal. (Image: PTI)
The study noted that the price model in the state has recently changed from a free market to a minimum ex-distillery price (EDP) and has seen an increase in taxes, a major concern for the industry.
- PTI
- Last Update:Aug 13, 2021, 3:38 PM IS
- What should I follow:
A joint study by economic research agency ICRIER and law consulting firm PLR Chambers said that West Bengal is second only to Uttar Pradesh in terms of the total number of people consuming alcohol.
According to the study, around 1.4 crore people consume alcohol in West Bengal and the region is one of the top three revenue earners of the state. The study noted that the price model in the state has recently changed from a free market to a minimum ex-distillery price (EDP) and has seen an increase in taxes, a major concern for the industry.
It is learned that the sale of Indian Made Foreign Liquor (IMFL) in the state has come down drastically as a result of the steep hike in the retail price in the market. Hence, even though the calculation formula is the lowest EDP, excise duty has been increased and the issue needs to be studied keeping in mind how consumers react to price changes, it said.
The report found that India is one of the fastest growing markets for alcoholic beverages globally, with an estimated market size of USD52.5 billion in 2020. The market is expected to grow at a CAGR of 6.8 percent between 2020 and 2023. The production of alcoholic beverages grew by about 23.8 percent during the period between 2015-16 and 2018-19, and the sector contributed about 1.5 million jobs and about US$ 48.8 billion in sales revenue, the study said. dollars produced.
Yet India is unable to become a major exporter like Chile, Argentina or China.
.
read all Breaking Newshandjob breaking news And coronavirus news Here
.