New Delhi, Sept. 30 -- Scotch whisky prices in India have dropped by around 10-15%, marking the first such decline since the India-UK free trade agreement came into force. Diageo and Pernod Ricard have started reflecting the lower import costs in retail prices across key markets, with reductions already seen in Rajasthan, Maharashtra, Rajasthan, Goa and Uttar Pradesh, reported Economic Times. Similar price reductions are likely to be seen in other states as well.

The price cuts mark the first major consumer-level response from India's two largest Scotch producers since the trade pact came into effect on July 15. The reductions will offer an early indication of how much of the tariff benefit from the agreement is ultimately passed on to w...