The second term of Donald J. Trump as the United States President which began early this year has disrupted the world economic order. Trump’s sweeping tariffs on imports from almost all countries, including the US’s allies, has led to an international trade war, the ramifications of which are being felt in the stock markets, in trade disruption and creating economic uncertainty globally.
However, on April 9, under severe pressure from the bloodbath in the global stock markets and world leaders criticizing his move, Trump has paused for 90-days most of his exorbitant tariff hikes to 57 countries but with a baseline tariff of 10% while going aggressive on China by imposing an astounding 125% tariff.
India termed ‘Tariff-King’
As regards India, which is one of the US’s biggest trading partners in Asia, Trump has imposed a ‘discounted’ reciprocal tariff of 26%, while calling India the ‘tariff king’. Trump has claimed that the reciprocal tariff is aimed at countering unfair trade practices. The 26% tariff came into effect from April 9. Though he claimed that the Prime Minister, Narendra Modi is a great friend of his, Trump said India was charging 52%, while the US was charging almost nothing.
India subsequently slashed duty on bourbon whiskey from 150% to 100%, making the Indian liquor manufacturers take up the issue. The Director General of the Confederation of Indian Alcoholic Beverage Companies (CIABC), Anant S. Iyer said the Indian alcoholic beverage industry is already at a disadvantage compared to manufacturers from developed countries due to high capital and operational costs, evaporation losses, and restrictive licensing regimes. He said, “The government needs to safeguard the interests of Indian liquor manufacturers when deciding on issues related to customs duty cuts and other concessions under FTAs.” The CIABC wanted the state governments to withdraw all excise concessions given to imported liquor, arguing that the customs duty cuts announced would harm Indian products in both the spirits and wine categories.
Bilateral Trade
The bilateral trade between India and the US was pretty balanced at 10.73% till the Trump disruption. America accounted for about 18% of India’s total goods exports, 6.22% in imports with about 30 sectors (6 in agriculture, 24 in industry) exporting to the US. As regards alcohol, wine and spirits, the tariff hike at 122.10% has come into effect. As per the data from the Export Import Data Bank (EIDB) of the Ministry of Commerce & Industry, in FY24, India imported spirits worth $23.09 million against exports of only $8.03 million with companies such as Radico Khaitan, Amrut Distilleries, Piccadilly Industries, being the prominent ones.
The concern among Indian companies is that lower import duties might push the prices of premium liquor down, thus making Indian premium liquor face stiffer competition. However, at a panel discussion organised by Ambrosia during INDSPIRIT 2025, the Secretary General of the International Spirits and Wines Association of India (ISWAI), Suresh Menon clearly stated that there was need to rationalise the tax structure, while agreeing that the Indian import duties on spirits was exceptionally high.
Scotch Whisky Association ‘disappointed’
Globally, the tariff war is impacting almost all sectors, including the alcobev sector. The Scotch Whisky Association expressed disappointment with Trump’s tariff moves. With Trump announcing import duties, including a 10% levy on all UK goods and a steeper 20% rate for imports from the European Union, taking effect on April 5, the alcobev sector was going to be adversely impacted. “The move, one of the most aggressive protectionist measures in recent years, has sparked concern across multiple sectors, including scotch whisky producers. A spokesperson for the Scotch Whisky Association said,”The industry is disappointed that Scotch Whisky could be impacted by these tariffs. We welcome the intensive efforts by the UK government to reach a deal with the US administration, and we continue to support this measured and pragmatic approach towards a mutually beneficial resolution.”
Wine sector concerned
It is not just the Scotch whisky producers who are worried, even the bourbon industry from the US is. The bourbon industry which is the backbone of Kentucky economy fears that it may get caught in the crossfire of the trade war, if other countries impose tariffs on American whiskey. There has been a lot of noise on how in the short-term Scotch whisky and European wines may become that much costlier. France’s Bourgogne Wine Board (BIVB) has said that the levies have “pushed our wines past a psychological price threshold”. French wines are subject to 20% tariffs under the new tariff rates.
The IWSR, in its analysis, has said that the new import tariffs will have serious consequences for beverage alcohol in the US, but the exact picture is complex, nuanced and subject to a host of uncertainties.
The IWSR said that with tariffs introduced on imports from Canada and Mexico and potential EU tariffs in discussion, a number of single origin beverage alcohol categories are most at risk – products with a legally protected designation of origin, meaning that they cannot be “re-shored” and produced in the US. These include agave spirits, Canadian whisky, Irish whiskey, Cognac, Champagne and Prosecco. Mexican beer imports would also be affected. The UK is trying to negotiate a separate trade deal with the US to head off tariffs to cover categories such as Scotch whisky.
“The second Trump Administration’s policies on tariffs will almost certainly be net negative for total beverage alcohol (TBA) in the US market, with global implications likely to be more limited, but there is major uncertainty about the extent of the impact,” says Marten Lodewijks, President IWSR US.
Ambrosia Magazine 2025 Awards jury member and global spirits expert shares his take on the future of Bourbon and American whisky in India. He is an award winning whisky expert, Keeper of The Quaich and Whisky Magazine Hall of Fame Member.
For the last twenty-five years whisky has enjoyed an unprecedented global growth in popularity, profit, expansion and appreciation in the alcobev industry, and among adult beverage consumers. While Scotch whisky has definitely dominated the landscape for decades, increasing – global travel, social media and global awareness has seen the world’s whisky industry explode. Whisky drinkers are now global explorers, enjoying flavours, aromas, enthusiasm and excitement from all over.
Nowhere is that more exciting than in India, the world’s largest whisky consuming and whisky producing country. India’s own export whiskies are gaining worldwide recognition, almost daily, as they continue to receive accolades and awards at major international competitions. The excitement is in India as well, not just for locally produced products but for whisky from other countries. The popularity of whisky continues to grow among Indian consumers as they explore outside the traditional boundaries.
Bourbon, together with its sibling Tennessee whisky and with its cousin, American Rye whisky, is America’s most popular spirit and has been enjoying growth at home and abroad. Virtually every alcohol consuming culture has a whisky or two which uniquely identifies with the local ingredients, natural resources and climate. Some emulate Scotch whisky, as Scotch is iconic and renowned for its flavour and its traditions. Others celebrate their differences and use local grains and ingredients to achieve a whisky experience which reflects their origins.
Bourbon is a uniquely American spirit and, by law, regulation and international trade agreements, it is acknowledged and protected as such. To carry the label ‘Bourbon’, it must be made in the United States and distilled from at least 51% corn maize, which brings a sweet and fruity character all its own. The balance of grain, called a “mash bill” must be composed of cereal grains – generally rye or wheat – with some malted barley. Bourbon must be matured in new, charred oak containers. The production standards are very specific and while most Bourbon is produced in the state of Kentucky, it can be made in any part of the U.S.
What does the future hold for Bourbon globally and in India? The global Bourbon spirits market is experiencing strong growth, despite a current slowdown due to international tariffs and uncertainty, with projections indicating a rise from approximately $8.2 billion in 2022 to $12 billion by 2030, driven by factors like premiumisation, craft distilleries and international demand.
Here’s a more detailed look at the bourbon volume growth.
• Premiumisation:
Consumers in India and elsewhere are increasingly seeking higher-quality and premium whisky offerings, leading to growth in the high-end and super-premium categories.
• Craft Distillery Interest:
There is growth in craft distilleries and artisanal whisky production which caters to the demand for unique and distinctive spirits.
• International Demand:
Bourbon’s popularity is expanding internationally, with key export markets like Europe, Japan, and Australia showing significant recent gains.
• Popular Cocktail Culture:
The “Cocktail Revolution” continues to expand internationally. The growing popularity of Bourbon-based cocktails and the expansion of cocktail culture further fuels demand. Many classic whisky cocktails are quite adaptable to Bourbon. India is a current global hotspot for this revolution.
• Cross Demographic Appeal and Affordability:
Bourbon has two very important characteristics which make it particularly attractive. First, accessibility – there is the range of pricing from value brands, which are priced to compete with popular, less expensive spirits to ultra-premium labels which appeal to connoisseurs and collectors. The second, perhaps more important, appeal – Bourbon is transgenerational in its appeal and crosses the full range of enthusiasts of all ages, genders and economic classes. In India, this translates into a product which will appeal to younger, aspirational drinkers and explorers.
• Tourism and Distillery Visits:
With return to global travel and the unique relationship between The US and India, particularly in the tech industry where whisky enjoys exceptional popularity, there is resurgence of tourism and distillery visits, providing immersive experiences for consumers, contributes to market growth. This is particularly apparent in Kentucky and Tennessee just as it is also beginning to happen in India.
• Sustainability:
Many distilleries are embracing eco-friendly practices, aligning with consumer demand for environmentally responsible products.
Market Projections:
• Global Market Value:
The global bourbon spirits market is expected to reach $12 billion by 2030, growing at a compound annual growth rate (CAGR) of around 5.6% between 2023 and 2030.
• North America Dominance:
North America remains the dominant market for bourbon, benefitting from strong local demand and a well-established production infrastructure.
• India and Asia-Pacific Growth:
The Asia-Pacific region is projected to experience the fastest growth in the bourbon spirits market. The opportunities in India are exciting as US Bourbon currently enjoys an import duty advantage over its Scotch whisky competitors and cheaper local IMFL products, making it competitive.
• Producers such as DIAGEO, which makes the incredibly fast growing and much celebrated brand, Bulleit Frontier Whiskey Bourbon, as well as several other American whiskey brands, have a strong advantage because of their already well-established infrastructure and market presence in India as well as their familiarity with local whisky culture.
Specific Growth Figures:
• In 2022, bourbon and Tennessee whiskey volumes in the U.S. grew by 4.2% to 29.7 million 9-liter cases, with revenues increasing by 10.5% to USD 4.5 Billion.
• The global bourbon spirits market was valued at nearly US$ 8 billion in 2022 and is expected to reach US$ 15 billion by 2030.
• The global Bourbon category is predicted to grow by 5% between 2022 and 2031.
• The global bourbon spirits market was valued at $7.8 billion in 2021, and is projected to reach $12.8 billion by 2031, growing at a CAGR of 5% from 2022 to 2031.
The Bottom Line – Bourbon’s Future in India
India is excited about American whiskey. A new, younger generation of educated, globally aligned consumers is energising the whisky market in India and Asia. Currently there are number of products available in India which includes Jack Daniel’s, Jim Beam, Woodford Reserve, Maker’s Mark, Gentleman Jack and Old Forester. And with the entry of Sazerac through John Distilleries Ltd as well as scores of other US companies, the Indian market will be flooded with bourbon and Tennessee whiskeys. Bourbon enjoys a particularly competitive advantage over other imported spirit products. My prediction – a bright and sunny future for Bourbon in India.
spiritsEUROPE has said that it is extremely concerned by the announcement of the European Union on rebalancing tariffs on US whiskey and other US spirits categories in response to US tariffs on steel and aluminium. It has urged the EU and the US to keep spirits out of unrelated disputes.
The announcement comes at a particularly difficult time for the spirits sector, amidst geopolitical tensions and a marked slowdown in many key markets. If implemented on 1 April, these tariffs will have a hugely damaging impact on the EU companies that produce US spirits, US companies that are heavily invested in Europe and all actors in the value chain, putting at risk the many jobs they support, including in rural areas.
“Yet again, spirit drinks have become collateral damage in an unrelated trade dispute. As highlighted in our numerous engagements with the European Commission over the last seven years, we fail to understand how this will help with the broader, unrelated dispute on steel and aluminium. The EU and US spirits sectors stand united in their steadfast commitment to maintaining transatlantic spirits trade tariff-free,” said Pauline Bastidon, Trade & Economic Affairs Director at spiritsEUROPE.
The 1997 reciprocal zero-for-zero agreement that eliminated tariffs on spirits led to a remarkable 450% growth in transatlantic trade until 2018, before retaliatory tariffs were first introduced. Their return would have devastating consequences for the sector and put at risk the strong transatlantic trade & investment flows that have benefitted both sides and created so many interconnections on both sides of the Atlantic.
“The clock is ticking. We urge the EU and the US to keep spirits out of unrelated disputes while they work on resolving their differences and protecting the vitally important transatlantic trade relationship,” she said.
Piccadily Agro Industries Limited has once again made a resounding mark on the global whisky stage, winning six prestigious medals at the World Whiskies Awards 2025. The company’s flagship brand Indri Single Malt with its exclusive expressions, emerged victorious across various categories, reinforcing Piccadily Distilleries position as a trailblazer in the Indian and international whisky landscape.
Indri secured an impressive lineup of awards. They included Indri Founder’s Reserve Wine Cask 11 Years Old, 58.5% ABV (12 years and under – small batch) – Winner; Indri Refill Oloroso Sherry Cask Single Cask 03, 58.5% ABV (No Age Statement) – Winner; Indri 2024 Diwali Collector’s Edition, 58.5% ABV (No Age Statement – small batch) – Silver; Indri Game of Thrones: House of the Dragon Exclusive Edition – House of Black, 46% ABV, (No Age Statement) – Silver; Indri Ex Sauternes Wine Cask Single Cask 47050, 58.5% ABV, (No Age Statement) – Silver; and Indri Game of Thrones: House of the Dragon Exclusive Edition – House of Green, 46% ABV (No Age Statement) – Bronze.
Since its launch, Indri has taken the international whisky scene by storm, challenging industry norms with innovative expressions that celebrate India’s terroir and expertise. With each award and accolade, Indri has established itself as more than just a brand—it’s a symbol of national pride and a testament to the potential of Indian single malts.
Shalini Sharma, Head of Marketing, Piccadily Agro Industries Limited said, “Indri’s journey has been nothing short of groundbreaking, and we are incredibly proud of these remarkable wins at the World Whiskies Awards 2025s. This recognition is a true testament to our relentless pursuit of excellence and our vision to firmly establish Indian single malts on the global whisky stage. Being recognised on such a prestigious international platform is not just a victory for Indri, but a triumph for Indian single malts as a whole. We are reshaping global perceptions, proving that Indian single malts can set world-class benchmarks and stand shoulder-to-shoulder with the finest whiskies across the globe.”
The Minister of State for Commerce and Industry, Jitin Prasada has said in the Lok Sabha that the United States under the Trump administration has not yet imposed reciprocal tariffs and that both countries were planning to negotiate a trade agreement, focussing on increased market access, reduction of import duties and removing non-tariff barriers.
In a written reply to the Lok Sabha, the Minister said, “Both countries plan to negotiate a mutually beneficial, multi-sector Bilateral Trade Agreement. Both countries would focus on increasing market access, reducing tariff and non-tariff barriers, and enhancing supply chain integration.”
Confirming the same, the Commerce Secretary Sunil Barthwal informed the Parliamentary Standing Committee on External Affairs that negotiations between the two nations are still on and no agreement on trade tariffs has been reached so far. Barthwal briefed the committee, headed by Congress MP Shashi Tharoor, and said that bilateral trade agreement talks between the two nations are still on.
When members of the committee asked why India was not raising its voice against tariffs, as done by Canada and Mexico, he said the two were not comparable as the US had security concerns and border immigration issues with them.
It is reported that the Commerce Secretary assured the committee that India will sign a “mutually beneficial agreement”. He said India will protect any industry which is crucial to its domestic economy, saying that developing countries cannot lower their tariffs on everything.
It must be mentioned here that soon after Donald Trump took charge as President of the US, the US government issued Memorandum on Reciprocal Trade and Tariffs, wherein the Secretary of Commerce and United States Trade Representative were to take necessary actions to investigate harm to America from any non-reciprocal trade arrangements adopted by trading partners and provide a report with detailed proposed remedies for each trading partner.
Prasada also said that India continues to engage with the US to achieve enhancement and broadening of bilateral trade ties in a mutually beneficial and fair manner. “This is an ongoing exercise and Indian exporters are working towards diversifying trade baskets and export destinations.”
In 2023-24, India exported engineering goods worth USD 17.62 billion. The other major goods included electronics (USD 10 billion), gems and jewellery (USD 9.9 billion), petroleum products (USD 5.83 billion), textiles (USD 4.7 billion), marine products (USD 2.5 billion). During 2021-24, America was India’s largest trading partner. The US is one of the few countries with which India has a trade surplus. Trump had said, “India charges us massive tariffs, massive you can’t even sell anything in India. It’s almost… it is restrictive. You know, we do very little business inside. They have agreed, by the way. They want to cut their tariffs way down now because somebody’s finally exposing them for what they have done.”
Radico Khaitan expects sales of ₹500 crore from its luxury brands in the next fiscal, according to its Managing Director Abhishek Khaitan. The premium brands are the famous Indian single malt ‘Rampur’ and the artisanal gin Jaisalmer Indian craft gin. The company has plans to add to more brands in the next fiscal.
The company has been experiencing robust sales and expects 8 to 9% growth in volumes and by 12 to 15% in terms of value. The prestige and above segments have been registering double digit growth and the company expects to close in the same range of about 15%.
Radico Khaitan’s luxury portfolio consists of Rampur Indian Single Malt, Jaisalmer Indian Craft Gin, Sangam World Malt and Spirit of Victory 1999 Pure Malt. “For the first time in Q3 (December quarter) we achieved a turnover of ₹100 crore (from premium) and for the nine months of FY’24, we have achieved ₹250 crore (turnover). We are very confident that for FY’26, Radico Khaitan should achieve ₹500 crore of turnover, just for the luxury segment only,” said Khaitan.
The Enforcement Directorate, a central agency, conducted raids for five continuous days from March 6 across the state-owned Tamil Nadu State Marketing Corporation (TASMAC) offices, distilleries and breweries to investigate into purported irregularities in the liquor trade in the state.
The ED has uncovered a liquor scam involving the Excise and Prohibition Minister V. Senthil Balaji and other senior leaders of the ruling DMK party. The ED is alleging that distilleries across the state were inflating expenses and fabricating purchases, particularly through bottle-manufacturing companies, to siphon off around ₹1000 crore into untraceable funds and shell companies.
Balaji termed the allegations false and stated, “I will face this legally. The specific FIR details mentioned in the ED statement are missing. There are no irregularities. They are creating an image as if there are irregularities.”
The ruling DMK government has termed the raids as ‘political vendetta’. The Tamil Nadu Deputy Chief Minister, Udhayanidhi Stalin told media persons that Tamil Nadu has been consistent in raising its voice against the three-language policy, (skewed) devolution of finance and delimitation (based on current population). “Hence the Union government might be using raids by its agencies as a diversionary tactic. They might tell something after the completion of the raids. Let’s wait.”
The ED conducted raids at the distilleries and breweries in Chennai and Coimbatore, at the residence and offices of friends of Excise and Prohibition Minister V. Senthil Balaji at Karur, at the head office of TASMAC at Egmore in Chennai, regional offices and residences of TASMAC managing director S. Visakan IAS, and few other top officials linked to TASMAC.
4,829 outlets
The ED has asked the TASMAC district officers across to gather and collate data about bar licences, purchase and sales indents, licences of breweries and distilleries and other financial records of all the 4,829 TASMAC retail outlets in the state, to be submitted to the ED through the TASMAC managing director’s office.
Last year, the report of the Comptroller and Auditor General (CAG) which was tabled in the Tamil Nadu Assembly, had revealed that outlets of TASMAC did not pay the differential excise duty of close to ₹30.5 crore due to the revision of rates of Indian Made Foreign liquor, even as the MRPs were revised. It also flagged several other issues like cash-based billing, over-charging and lapses in e-procurement system etc. The TASMAC fetches ₹44,000 crore as annual revenue for the government.
According to media reports at least 41 FIRs resisted by the Directorate of Vigilance and Anti-Corruption (DVAC) against the discrepancies in purchase and sales in TASMAC, in the past 15 years, were taken as the basis for the investigation by the ED officials. The investigation was also looking into the bar licences issued through a tender process across the state in 2023. The ED enquired about the details with regard to the selection process for giving out bar licences, details of the bar owners across Tamil Nadu, their political affiliations, MRP violations, bar procedures, liquor procurement, and information on breweries, distilleries, and FL2 (Recreation Clubs) and FL3 (Star hotels) licensees, including their addresses.
The media reports mentioned that raids were also conducted at Kongu Mess, Sakthi Mess and at the residences of the owners of these outlets; but these did not yield any results. The owners of these two restaurants in Karur are said to be friends of Minister Senthil Balaji and have been under the ED scanner for quite some time.
A team of around 35 officers from Kerala, Delhi and Andhra Pradesh conducted the searches simultaneously to assess the financial irregularities in TASMAC. However, DMK sources say that the raids did not yield anything as expected by the agency, and this was a prelude to the upcoming raids and searches in the run up to the 2026 elections. The raids, sources say, were targetted at Balaji who is already on bail in the cash-for-job scam case.
The Jammu & Kashmir People’s Democratic Party (PDP), led by Mehbooba Mufti, has started a signature campaign seeking prohibition. The PDP has called the ruling National Conference of Omar Abdullah a government indulging in ‘hypocrisy’.
Across Srinagar, the PDP has put up posters seeking a ban on liquor sales and urging tourists to ‘respect local culture and traditions’. The campaign was spearheaded by Iltija Mufti, daughter of Mehbooba Mufti. Even as posters are coming up the police is getting the posters removed.
But what is more surprising is that the government had conducted an economic survey and presented it to the Assembly. The report projected a 4% increase in excise revenue, expected to touch ₹2,000 crore in 2024-25. The rise is attributed to policy changes, including strengthened tracking mechanisms, transparent auctions for liquor vends, and an overhauled excise framework.
PDP has led the charge, with MLA Fayaz Ahmad Mir submitting a bill to ban the “advertisement, sale, purchase, consumption, and manufacture of alcoholic drinks” in the region. The National Conference and independent legislator Sheikh Khurshid Ahmad followed suit with the BJP also voicing support.
In Jammu, the former J&K BJP president Ravinder Raina had earlier staged protests against alcohol sales. PDP chief and ex-CM Mehbooba Mufti’s daughter Iltija launched a signature campaign recently to rally public backing, vowing to take it to every constituency in Kashmir. “We want J&K to be declared a dry state like Gujarat and Bihar,” Iltija said. “J&K is called the land of rishis and peers (Sufi saints). We have our own sensitivities, culture, and customs. That should be respected.
Recently traders at Srinagar’s historic Lal Chowk had put up posters that, after welcoming tourists, said, “For a memorable and enjoyable trip, we kindly request: Love and cherish your family, avoid liquor, drugs, spitting on roads and smoking. Respect our culture and traditions”.
The Indian Premier League (IPL) jamboree is going to commence from March 22, coming soon after the ICC Champions Trophy which India won. In India, to state the obvious, cricket has the highest viewership and liquor companies have been taking the route of surrogate advertising. However, this time, the Ministry of Health and Family Welfare wants to crack the whip on surrogate advertising.
In a letter addressed to the IPL chairman Arun Singh Dhumal and the Board of Control for Cricket in India (BCCI), the Ministry has urged the two entities to ban the sale of tobacco and alcohol products at all IPL-related events and sports venues. It also said that all forms of tobacco and alcohol promotions, including surrogate advertising, is prohibited. The directive covers advertisements at stadiums, IPL-related events, and national television broadcasts during matches.
In a letter dated March 5, director general of health services Atul Goel also called on the cricket board to prevent players and commentators from endorsing tobacco or alcohol-linked products, either directly or indirectly. Cricketers serve as role models for young people, making it crucial for the IPL to uphold its social responsibility, he said and added that the IPL, being the country’s biggest sporting event, has a duty to support public health initiatives and align with government efforts to curb tobacco and alcohol promotion.
Non-communicable diseases (NCDs) such as heart disease, cancer, chronic lung conditions, diabetes, and hypertension are a major health concern in India, contributing to over 70% of annual deaths, Atul Goel stated while highlighting the growing burden of these illnesses and the need for stricter regulations to curb their risk factors.
“Tobacco and alcohol use are key risk factors for NCDs. We rank second in tobacco-related deaths worldwide; with nearly 14 lakh annual deaths, while alcohol is the most common psychoactive substance used by Indians,” he said.
Major sponsors during ICC Champions Trophy
During the recently concluded ICC Champions Trophy, played in Pakistan and Dubai, saw Oaksmith Packaging Water advertising majorly. JioStar which was the official broadcaster and streaming platform for the mega event had confirmed sponsorship from Dream11, Pernod Ricard India, Beam Suntory, Kohler, Birla Opus, Vodafone Idea, ICICI Direct among others.
CCPA Keeping a Tab
Ambrosia has been writing about the issue of advertising restrictions for liquor companies in India and also how surrogate advertising has crept in. Often times, the Central Consumer Protection Authority (CCPA) urges companies to guarantee compliance with advertising norms, after getting complaints of liquor brands breaching surrogate advertising regulations, over the past three years, particularly during major cricketing events.
The CCPA only recently had issued notices to 13 companies, including major alcohol, tobacco and paan masala makers, for resorting to surrogate advertising. Surrogate advertising is a deceptive practice where a company promotes products that are banned from direct advertising by promoting other products under the same brand name from the same company.
In 2022, the government had announced guidelines to curb misleading advertisements and endorsers by banning surrogate ads, while imposing strict norms for those advertisements that seek to lure consumers offering discounts and free claims. The guidelines on “Prevention of Misleading Advertisements and Endorsements for Misleading Advertisements, 2022” seeks to regulate advertisements targetting children.
Action against violation of the guidelines will be taken as per the provisions of the Consumer Protection Act (CPA), which provides for a penalty of ₹10 lakh for first offence and ₹50 lakh for subsequent contravention, it said.
The CCPA had requested a list of products marketed under the same brand as alcoholic beverages, known as brand extensions, besides seeking revenue and turnover data related to the sale of alcobev and also the brand extension products such as mineral water, playing cards, music CDs etc. In the light of some companies sponsoring events, the CCPA also sought sponsorship details of events, payments to celebrities and influencers etc. The idea was to ascertain the correlation between the actual sales of brand extension products and the expenditure on promotions. The reason given is not to encourage drinking. It has cited the World Health Organisation (WHO) which has mentioned that bans or comprehensive curbs on alcohol advertising “are cost-effective measures” in the interest of public health. Its data shows India’s consumption of alcohol per person will rise to nearly 7 litres in 2030, from about 5 litres in 2019, a period over which fellow Asian giant China’s consumption will drop to 5.5 litres. And alcohol-related deaths in India stood at 38.5 for every 100,000 of its population, versus 16.1 for China.
The spirits industry continues to be male-dominated, the reasons for that are many, including the taboo attached to drinking in some societies. But with premiumisation, responsible drinking, liberal society, near gender-parity, consumerism etc. the taboo is gradually disappearing. What is heartwarming is that women have broken the glass ceiling, entering the realm of the alcobev sector in varying capacities. On March 8, International Women’s Day, Ambrosia salutes these women who have dared to shatter the man-made myths. The best part is that the women force has dared to dream, creating brands that have raised the bar, so to say, in the alcobev sector.
Hina Nagarajan at the helm
We begin at the pinnacle that is with Hina Nagarajan, who till recently was the Managing Director and CEO of Diageo India, and has now moved on to a higher position in Diageo’s Global Executive Committee. From April 1, 2025, she takes on a new role as President of Diageo Africa. This will be her second stint in Africa, where she previously served as Managing Director of Africa Emerging Markets. Over the past four years as MD & CEO of Diageo India, she led a passionate and dedicated team to achieve many milestones, delivering a strong financial performance, and navigated challenges in a highly regulated environment. Under her leadership, Diageo India’s market capitalisation crossed ₹1 trillion up from about ₹45,000 in mid-2021.
Prior to joining Diageo, Hina spent over 30 years in the FMCG industry and held several leadership positions at Reckitt, Mary Kay India and Nestlé India during her career. Her most recent position before joining Diageo was as Sr. Vice President, Regional Director of Reckitt, North Asia since mid-2015, leading the business operations across China, Hong Kong and Taiwan.
Hina, a product of Delhi University and subsequently from the renowned Indian Institute of Management, Ahmedabad, is an accomplished senior leader with a proven track record in business transformation and development in complex emerging markets. She has a unique and versatile experience of building high quality and growth businesses in the diverse power markets of India, China, SE Asia and Africa across several sectors (food & beverage, health & hygiene, nutrition, beauty, home décor).
As a top woman leader, she is a strong advocate of creating opportunities for women and contributes extensively to Inclusion & Diversity Programmes. Her recognitions in this area include: EMpower Top 100 Ethnic Minority Role Model Lists (2020, 2019); WeQual I&D Award Winner (2019); and Cranfield University Top 50 Women to Watch (2019).
Smart, Young Women Entrepreneurs Changing the Landscape
In post-Covid era, India has seen the emergence of women entrepreneurs like never before and in sectors which one never dreamt of. These smart entrepreneurs have shaken up the world of distilling. They include Varna Bhat, Founder and CEO of Blisswater Industries (makers of Rahasya Vodka); Sakshi Saigal, Co-Founder of Third Eye Distillery (Stranger & Sons Gin); Anjali Shahi and Lavanya Jayashankar, Co-Founders of Speakeasy Spirits (makers of Matinee craft gin); Kasturi Banerjee, Founder & Director of Stilldistilling Spirits India (makers of artisan rum Maka Zai); Yoginee Budhkar and Ashwini Deore, Co-Founders, Cerana Meads; Devika Bhagat, Co-Founder of AdventuristSpirits (makers of Tamras craft gin); Karishma Chandy, Co-Founder of Happenstance Beverages (Pitbull Rum); Nidhi Kedia of Nisaki Gin. The list keeps growing.
The Rahasya of Varna Bhat
Varna Bhat is a dynamic and visionary entrepreneur with over a decade’s experience in brand building, scaling, and communication across diverse industries, including beverages, fashion retail, electronics, sports leagues, and jewellery. Today, she is a serial entrepreneur having founded three companies (including Blisswater) in less than a decade of a sensational entrepreneurial journey. Her parents wanted her to be a civil servant, but she had other interests, entrepreneurship being on the top. As a Goan, something was brewing in her head and that was no secret – vodka – and in Goa it was not difficult to hit upon the right partners for distilling and bottling. Lo, born was Rahasya, a flavoured vodka which is distinctly Indian made from Indian grain with crispy notes. Varna is busy exploring overseas market.
No Stranger to Alcobev, Sakshi Saigal
It was in 2018, Sakshi Saigal, her husband Rahul Mehra and her cousin Vidur Gupta teamed up to set up Third Eye Distillery, yet again from Goa, seemingly a birthing place for young and daring entrepreneurs. Sakshi’s poison was gin, more so when she was in Barcelona, Spain doing her MBA. On returning to India, she thought Indians needed the Barcelona experience of finding gin bars with consummate ease. While she did not venture into setting up a bar, she took a leap (along with her co-founders) to ensure that craft gin was easily available in the bars of the country. Thus, was born Stranger & Sons.
In an earlier interview with Ambrosia, Sakshi had given the genesis of Third Eye Distillery. “It goes without saying that we individually are not just cocktail enthusiasts, but also had access to observe the beginnings of the Gin Revolution first hand. I was working towards my MBA in Barcelona, while Vidur was studying in the UK and Rahul had just set up his craft brewery in Mumbai. While we were tasting and drinking a variety of gins every day–whether in London’s cocktail bars or the Gin Tonics of Barcelona, we were getting well acquainted with the gin landscape. That’s when it piqued our interest as to why India wasn’t up to speed with gin although gin manufacturers all over the world looked to India when it came to sourcing botanicals and we kept encountering brands based on a vision of India that we knew very well had never been a reality. This made us question why products with these botanicals are made everywhere but here. To add to this, there wasn’t any other quality homegrown product then that was conveying the story from our perspective; so, we decided to change that and embarked into a lot of research before setting up Third Eye Distillery.”
Banker-turned-Rum producer: Kasturi Banerjee
“After 16 incredible years in the financial services industry across the UK, India, and Singapore, including a 12-year tenure with Standard Chartered Bank, I took a bold leap into the alcobev industry in 2020. I didn’t just leave banking—I traded spreadsheets for stills, and numbers for nuanced flavours. Driven by a passion for craftsmanship and innovation, I founded Stilldistilling Spirits, a start-up dedicated to crafting premium, homegrown artisanal rum that’s redefining India’s spirits landscape.”
She then took up a six-month bartending course and took up an internship in a bar in Mumbai to turn her passion into a profession. Kasturi then launched Maka Zai and MESMA rum, pioneering India’s premium rum market with distribution in five states, naval canteen, duty-free outlets, and one export market. She is a forerunner in the category through relentless advocacy and on-ground activations, including tasting sessions, trade shows, and masterclasses. “Today, I’m not just building a brand—I’m crafting experiences, challenging norms, and redefining what premium rum means in India. For me, rum isn’t just a product—it’s a narrative of India’s craft potential, and I’m here to bottle that story.”
On the growing number of women entering the alcobev industry, she says “It’s great to see a steady increase in the number of female entrepreneurs entering the beverage sector, across several roles. From restaurant ownership and beverage programme leadership to bartending and spirit founders, there’s a noticeable trend toward greater equality unfolding. Over the past 12 months, both globally and here in India, we’ve witnessed remarkable progress. Opportunities are becoming more accessible to all, and recognition is being rightfully extended regardless of gender.”
Reshaping Perceptions of Agave: Kimberly Pereira
Kimberly Pereira, Chief Operating Officer at Maya Pistola Agavepura (Pistola), has played a key role in the brand’s growth since its launch in 2021. Having spearheaded its popularity across the country, she embodies the spirit of Pistola as a torchbearer for Asia’s first premium aged 100% Agave spirit. Her passion for the brand steers her efforts in all aspects of the business, from production to distribution, as she continues to create a niche for Pistola in the world of spirits.
Kimberly’s tenure at Pistola has been marked by her ability to shape the company’s strategic direction and expansion plans. From her initial role as Sales Manager – Goa (2021-22), and Brand Ambassador (2021-23), to her current position as Chief Operating Officer, she has played a pivotal role in the brand’s evolution and establishment nationally. Her current focus lies in popularising the relatively unknown spirit to the Indian beverage market, presenting it as a refreshing, wild, and authentic alternative to global tequila culture. By reshaping perceptions of a premium, 100% agave and earning the moniker ‘Agavepura’, she is actively creating new avenues of growth through tasting experiences and educational sessions, aimed at enlightening connoisseurs and beverage enthusiasts about the diverse variants of Pistola.
Kimberly’s extensive experience in hospitality, brand management, and the services sectors has fuelled her passion for creating authentic and memorable customer experiences, a principle she holds dear in her role at Pistola. Her international travels and her love for offbeat bars, craft spirits, and unique cocktails have enriched her understanding of the global beverage landscape, further enhancing her ability to cater to the diverse tastes and preferences of the brand’s customers.
Born and raised in Kuwait, and having studied in India and abroad, she has experienced different global cultures during her extensive travels. Outside work, she enjoys hosting friends and family over a home-cooked meal, long drives, photography, or a lazy day at the beach.
Taking the family legacy forward: Sanaya Dahanukar
Sanaya Dahanukar is a dynamic marketing professional at Tilaknagar Industries Ltd. (TI), India’s leading brandy company. As the fifth-generation member of the Maharashtra-based Dahanukar family behind TI, Sanaya brings a blend of legacy and modernity to the company.
She has been an integral part of the organisation for the past two and a half years, working closely with her father, Amit Dahanukar, the Chairman and Managing Director of Tilaknagar Industries. Sanaya’s entry into the family business followed her graduation from the University of California, Berkeley, where she majored in Economics and minored in Philosophy.
Sanaya’s passion extends beyond marketing, as she has also delved into the art and science of alcohol making and blending. She successfully completed the Wine and Spirits Education Trust (WSET) Level 2 course, further deepening her expertise in the industry.
In her role, Sanaya is hands-on in all aspects of marketing, from naming and packaging to brand communication and the execution of campaigns. She is deeply involved in driving Tilaknagar’s new product development strategy, collaborating closely with the blendmaster to shape the next generation of offerings. Aimed at elevating TI’s presence in the premium and luxury segments, Sanaya plays a pivotal role in strengthening the company’s flagship brands and expanding its portfolio. Her contributions reflect her commitment to blending the company’s rich 90-year legacy with innovative strategies for the future.
Swa, Handcrafted by Women: Vaishali Mehta
Vaishali’s journey is a testament to resilience, innovation, and purpose. A proud Gujju born and raised in Kolkata, she grew up in a family where conversations about food and flavours were as central as the meals themselves. With an MBA from Symbiosis University and a successful career in advertising, she honed her skills in building brands and relationships.
Her entrepreneurial spark ignited during her stint with a startup in New York, where she was captivated by the fresh, natural ingredients used in beverages. However, the joy of accessing fresh Alphonso mangoes in the U.S. turned bittersweet upon her return to India, where artificial, preservative-laden syrups dominated the market, even in a country abundant with natural produce!
Determined to change this, she set out to create something of her own – something that would not only celebrate India’s rich ingredients, but also uplift women. Thus, Swa Artisanal Syrups was born. With a focus on natural, preservative-free syrups handcrafted by women, Swa embodies authenticity and empowerment. Vaishali’s dedication to providing skill upliftment and financial independence to marginalised women has made Swa’s production facility a thriving, women-led hub. Under her leadership, Swa has partnered with some of India’s top F&B brands and become a favourite among consumers for its unique, naturally delicious syrups.
Vaishali’s passion lies in creating products that delight customers and solve real industry problems, all while fostering an inclusive, supportive workplace. Whether it’s mixing drinks or building her team, Vaishali ensures Swa is always on the right track – speeding ahead with purpose and heart.
From Programmer to Head Brewer: Vidya Kubher’s journey
Vidya Kubher’s journey to becoming the Head Brewer at Geist Brewing Co. reflects a blend of curiosity and adventure. Initially driven by a love for craft beer as a consumer and a desire to delve deeper into the world of beer, her enthusiasm for the beverage has only grown as she has explored new styles and brewing techniques over the last 13 years.
Prior to beginning her career as a brewer in Bangalore, Vidya lived in Chennai and worked as a programmer at a mutual fund company before joining an auto ancillary business. Vidya would often drive down to Bangalore for work between 2008-2011, which is when she developed a keen interest in beer and began a personal quest to sample as many different brands and styles as she could.
Incidentally, one of these discoveries was Geist beer (which at that time was manufactured and bottled in Belgium using a reverse outsourcing model). Further, travelling to countries like Germany -particularly Munich, for its famed brewing culture – and Belgium over the course of a few years gave Vidya significant additional exposure to this particular beverage category.
Through her conversations with local brewers and other industry professionals during these trips, Vidya realised that various aspects of brewing were interesting to her and a brewing career became the logical next step. Vidya enrolled in a well-regarded and comprehensive brewing technology course: Siebel Institute’s World Brewing Academy Master Brewer Program. The dual-country course across the Siebel Institute in Chicago, USA, and the Doemens Academy in Munich, Germany gave Vidya insight into two distinct brewing cultures, which she credits for giving her a well-rounded and balanced foundation. To hone her skills and gain some hands-on experience, Vidya also spent time training at various breweries and a yeast lab in Europe before making her way back home.
She started working with Geist Brewing Co after reading about their brewery in Bangalore and intentions to set up a yeast lab. Her initial role as a brewer got her involved in Geist’s microbrewery operations at two brewpubs in the city between 2012 and 2016 before becoming responsible for overseeing beer production at the brand’s 10,000 sq. ft distribution brewery – South India’s first – once it was set up in 2017.
As Head Brewer at Geist Brewing Co., Vidya spends her time on various activities such as creating recipes, managing various aspects of brewing and the yeast lab, working on production schedules and even contributing to events. Since 2017, Vidya and her team have been responsible for brewing 40+ different craft beers.
Shaping India’s Cocktail Culture: Minakshi Singh
With 18 years in the alcobev and hospitality industry, Minakshi Singh has played a key role in shaping India’s cocktail culture. She co-founded Cocktails & Dreams Speakeasy in 2012 with Yangdup Lama, followed by Sidecar in 2018, which is recognised among the world’s best bars. Most recently, she launched The Brook, further expanding her impact on the industry.
Her career began with leading global spirits companies like Pernod Ricard, Diageo, and Tulleeho, where she gained deep expertise in beverage strategy and brand-building. Beyond hospitality, she co-founded Drinks India Company, a consulting firm focussed on elevating beverage programmes, and BHUMI, a farm-to-table initiative championing sustainability and local sourcing.
As a co-founder of India Bartender Week (IBW), Minakshi is committed to fostering a strong bartender community through mentorship, knowledge exchange, and industry collaboration, strengthening India’s standing in the global cocktail scene.
In the beginning there was Mead: Yoginee Budhkar & Ashwini Deore
Nashik-based Cerena Meads is the creation of Yoginee Budhkar and Ashwini Deore, both coming together while pursuing their doctorates at the Food Engineering & Technology Department at The Institute of Chemical Technology, Mumbai. Budhkar believes that as the target audience has shifted to include both men and women equally, at least in tier-I and tier-II cities, this change in consumers has naturally led to a change in manufacturers.
