Thursday, November 30, 2023

TS ahead in consumption of premium alcobev products

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PNS | Hyderabad

Telangana leads in the consumption of premium alcobev (alcohol beverages) products at 52%. The national Gross State Domestic Product for the financial year 2021 stood at Rs 9,41,435 crore. Alcohol tax collection as a percentage of the national State GDP stood at 2.8%.

Telangana’s tax collection from the alcohol sector (Excise + VAT) as a percentage of the state’s tax revenue was 39.9%. Tax revenues from the alcoholic beverage sector significantly contribute to the state’s economy and often come in handy during a crisis, like the coronavirus pandemic. The International Spirits & Wines Association of India (ISWAI), the apex body of the premium AlcoBev sector, presented its report titled, ‘Economic Value of the Indian Alcoholic Beverage Industry’ to Singireddy Niranjan Reddy, the TS Minister of Agriculture and Md. Musharraf Ali Faruqui, IAS, the Director of Prohibition & Excise.
The nationwide alcoholic beverage tax collection for the financial year 2021 was Rs 2.4 lakh crore. Telangana, having a collection of Rs 26,000 crore was among the top three states. 65% of the expenditure on education, health and welfare is equivalent to the tax revenues from alcoholic beverages.
The scope of the alcohol industry in terms of employment is big. The number of retail outlets in Telangana is 2,217, and it employs 11,085 people. Studies indicate that alcohol tourism has the potential to increase local GDPs by as much as 20%. The comprehensive report is a first-of-its-kind that delves into the critical aspects and contributions of the Alcobev sector to the State of Telangana and the nation.

Nita Kapoor, CEO, ISWAI, said, “We are grateful to Minister Singireddy Niranjan Reddy and the Excise Commissioner, Md. Musharraf Ali Faruqui, IAS, the Director of Prohibition & Excise for giving us time to present this important report. The Alcobev sector contributes significantly to the economy both in terms of growth and providing jobs in Telangana. Telangana is amongst the top three states in the country on excise + VAT collections from Alcobev products.”

“The Alcobev industry is the economic engine of the country and the state, and it is, thus, essential that all stakeholders recognise the contribution of our sector,” Nita Kapoor added.

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