Srinagar, Feb 28: In a groundbreaking development, the Jammu and Kashmir government has achieved unprecedented success in its recent auction of liquor shops, with revenues surging to an all-time high of Rs 2280 crore in the fiscal year 2024.
This substantial increase in revenue, as per the official reports, compared to previous years, underscores the efficacy of the state’s revamped excise policy, which was implemented three years ago to streamline the auction process and enhance revenue generation.
As per the reports received by the news agency, the auction witnessed fierce bidding wars, culminating in the sale of a liquor shop in Qazigund, Kashmir, for an astounding Rs 5.23 crore.
This historic bid not only marks the highest ever recorded in the erstwhile state but also highlights the growing investment interest in the region’s liquor industry. Similarly, a shop in Ramnagar, Udhampur, fetched a commendable Rs 3.41 crore.
“The overwhelming response to the auction demonstrates the buoyancy of the market and the potential for further revenue generation,” says an official, adding that we are committed to fostering a conducive business environment and ensuring transparency in the auction process.”
The success story of the auction is further underscored by the steady growth in excise revenue over the past few years. In 2020, the department recorded earnings of Rs 1320 crore, followed by Rs 1353 crore in 2021, Rs 1777 crore in 2022, and Rs 1796 crore in 2023, culminating in the historic milestone of Rs 2280 crore in 2024.
Looking ahead, officials anticipate continued financial growth, with 38 liquor shops yet to be auctioned. “We remain optimistic about the prospects for revenue generation in the coming years. With prudent policies and effective management, we aim to maximize revenue streams and contribute to the socio-economic development of Jammu and Kashmir,” reports quoting government sources said.
Reports inform that the significant increase in excise revenue is poised to bolster the government’s fiscal capabilities, enabling it to invest in critical infrastructure projects, social welfare programs, and other initiatives aimed at enhancing the quality of life for the people of Jammu and Kashmir. As the auction process continues to unfold, stakeholders express optimism for sustained economic prosperity and stability in the region.(KNO)
