Whisky Investment Podcast S3 E1 – Industry Insights: India Trade Deal - Former Trade Advisor to UK Government

With former trade adviser Alex Boyd

We’re back with Season 3 of the Whisky Investment Podcast, and this year we’re kicking things off with a truly global perspective.

In this first episode, whisky journalist Alwynne Gwilt is joined by Alex Boyd, a former UK government trade adviser turned international trade consultant. Together, they unpack the implications of the long-awaited India UK Free Trade Agreement. The focus is on how it impacts Scotch whisky exports and what that means for investors in the space.

From Brussels to Whitehall: Meet Alex Boyd

Alex Boyd has spent over 15 years shaping trade policy, working in both the European Union and the UK government. He has advised trade secretaries, foreign secretaries and senior ministers through Brexit and beyond, and now works with Strand Partners to help clients navigate global trade and investment policy.
His expertise places him in a unique position to interpret the true significance of the India UK trade deal, particularly for the premium drinks sector.

A 20-Year Journey to Agreement

The India UK deal is the product of nearly two decades of negotiation. Initially pursued through the EU in 2006, talks stalled and were abandoned in 2013. Post-Brexit, the UK restarted talks independently, identifying India as a high-priority partner due to its massive consumer base, rapid economic growth and high trade barriers.

India has long been considered a closed and protectionist market, especially in categories like spirits where local production dominates and regulation varies from state to state. Despite this, Scotch whisky has maintained strong brand appeal in India, owing to cultural legacy and aspirational branding.

Scotch, Tariffs and a Historic Breakthrough

Before this agreement, imported Scotch faced a 150 percent tariff in India. The new deal cuts that to 75 percent immediately, with a pathway to reduce it further to 40 percent over the next ten years.

Boyd explains that while zero tariffs were the industry’s ambition, 40 percent is still a landmark achievement. Given the complexity of negotiating with India and the political sensitivity around alcohol imports, the result is seen as a major success.

The Scotch Whisky Association called the deal “landmark” and expects exports to India to grow from £300 million today to between £500 million and £1 billion within five years.

From Colonial Legacy to Bollywood Aspirations

India has a long-standing relationship with whisky, beginning with British colonial rule and later reinforced through Bollywood’s portrayal of whisky-drinking characters. Over time, whisky evolved into an aspirational and celebratory drink, distinct from beer and other spirits.

Today, India is the world’s largest consumer of whisky by volume, yet it still ranks only fifth or sixth by value. That gap represents a major growth opportunity, particularly for premium and ultra-premium Scotch producers.

What It Means for the Industry and Investors

The impact of the deal will not be immediate, but Boyd believes the ripple effects will be far-reaching:

• Producers are expected to ramp up long-term supply to meet projected demand
• Farmers and maltsters may see benefits first through increased orders
• Exports to India could eventually rival those to the United States
• Investment opportunities in aged casks and premium bottlings are likely to grow

For whisky investors, particularly those looking at cask holdings or luxury-grade bottlings, this deal could unlock new markets and future valuation uplift.