New Delhi: A study conducted by the Indian Council for Research on International Economic Relations (ICRIER), and a law consulting firm, PLR chambers, have revealed that Uttar Pradesh is the highest consumer of alcohol in the country. The state is followed by West Bengal. According to the study about 14 million people in West Bengal consume alcohol. Alcohol sales is one of the top 3 revenue earners in the state.
The study also revealed that the price model in West Bengal has been changed recently to ex-distillery price (EDP) from free market. There has been an increase in taxes on liquor, which is a major concern for the industry. The sale of Indian Made Foreign Liquor (IMFL) was decreased in the state due to the sharp surge in the prices.
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As per the study, India is one of the fastest growing markets for alcoholic beverages globally, with an estimated market size of US dollar 52.5 billion in 2020.
The market is expected to grow at a CAGR of 6.8% between 2020 and 2023. The production of alcoholic beverages grew by about 23.8% between 2015-16 and 2018-19, and the sector created about 1.5 million jobs. The study mentions that there is around US dollar 48.8 billion in sales revenue in 2019.
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