Record Breaking Qazigund Liquor Shop Auction at Rs 5.23 Crore
Maximizing revenue streams will contribute to the socio-economic development of Jammu and Kashmir
Press Trust of Kashmir
SRINAGAR : Unprecedented success of the government of Jammu and Kashmir in its recent auction of liquor shops, witnessing revenues soaring to a historic high of Rs 2280 crore in the fiscal year 2024, has hit headlines.
This surge, as confirmed by official reports, underscores the efficacy of the J&K government’s revamped excise policy initiated three years ago to streamline the auction process and bolster revenue generation.
Notably, the auction, marked by intense bidding wars, culminated in the sale of a liquor shop in Qazigund, Kashmir, for a staggering Rs 5.23 crore, setting a new regional record. Additionally, a shop in Ramnagar, Udhampur, fetched a commendable Rs 3.41 crore.
“This ground-breaking bid not only represents the highest ever recorded in the region but also signifies the increasing investment interest in Jammu and Kashmir’s liquor industry,” remarked an official.
The overwhelming response to the auction underscores market buoyancy and the potential for further revenue generation, emphasizing the commitment to fostering a conducive business environment and ensuring transparency in the auction process.
The success story of the auction is further accentuated by the consistent growth in excise revenue over recent 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 sustained 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,” government sources reported.
According to official data of 2021, the Excise Department revealed that out of a total of 224 liquor shops in J&K, 220 shops are in Jammu province.
In the year 2023-24, the J&K Excise Policy was issued by the Finance Department, vide S.O. 72 dated 28.03.2023, wherein provisions related to the sale/regulation of liquor and allotment procedure for the issuance of JKEL-2 license (wine shop) through e-auction mode were outlined. PTK
