Friday, November 15, 2024
spot_img

Small-cap distillery shines spotlight on India’s growing power in the world of whiskey

Date:

Share post:

spot_img
spot_img

Shillong, October 6: A small-cap distillery, whose shares have nearly quadrupled this year, is helping shine a spotlight on India’s growing power in the world of whiskey, as a producer as well as a consumer, according to a media report.

Piccadily Agro Industries Ltd has surged by its daily limit in two sessions this week after its single-malt Indri Diwali Collector’s Edition won top prize at the Whiskies of the World Awards. The stock is now up 292 per cent so far in 2023 with the push from the result of the annual US-based competition, Bloomberg reported.

While the beverage more typically conjures up images of Scotland or Ireland, so-called ‘New World whiskies’ have been making inroads by winning critical and commercial praise. At the same time, rising prosperity has helped demand surge in India, making it the world’s largest whiskey market at about $18 billion a year, according to data from Statista.

“It is an exciting time for India, and Indian whiskies are not far behind as we are playing our part in the India story,” Siddharth Sharma, founder of Piccadily Distilleries, said in a statement, Bloomberg reported.

The South Asian nation’s whiskey makers still face challenges including outright alcohol bans in some states and heavy regulations on raw material procurement and distribution. The industry is susceptible to whims of state government taxation policies, especially around elections, as whisky is seen mainly as a drink for the elite, the report said. (IANS)

spot_img
spot_img

Related articles

Centre forms panel to probe NEHU imbroglio

By Our Reporter SHILLONG, Nov 14: Responding to serious concerns raised by the student fraternity, and in light of...

NEHUSU prez hospitalised but hunger strike to go on

By Our Reporter SHILLONG, Nov 14: NEHUSU president Sandy Sohtun was admitted to the Critical Care Unit (CCU) at...

BJP’s bid to ‘capture’ NEHU started the turmoil: Congress

By Our Reporter SHILLONG, Nov 14: The Congress has criticised the RSS and BJP over the ongoing issues at...

Govt talks tough after HYC deadline on drugs

By Our Reporter SHILLONG, Nov 14: A week after the Hynniewtrep Youth Council (HYC) set a 30-day ultimatum for...