Liquor Store Auctions Fetch Jammu and Kashmir Document Income, Qazigund Creates Historical past

SRINAGAR: In a landmark achievement, the federal government of Jammu and Kashmir has attained unprecedented success in its current public sale of liquor retailers, with revenues skyrocketing to a historic excessive of Rs 2280 crore within the fiscal 12 months 2024.

This surge in income, as confirmed by official studies, in comparison with earlier years, highlights the effectiveness of the state’s revamped excise coverage, which was initiated three years in the past to streamline the public sale course of and increase income technology.

Based on native information gatherer KNO information company, the public sale witnessed intense bidding wars, culminating within the sale of a liquor store in Qazigund, Kashmir, for an astonishing Rs 5.23 crore.

This ground-breaking bid not solely represents the best ever recorded within the area but in addition signifies the growing funding curiosity in Jammu and Kashmir’s liquor business. Equally, a store in Ramnagar, Udhampur, fetched a commendable Rs 3.41 crore.

“The overwhelming response to the public sale underscores the buoyancy of the market and the potential for additional income technology,” said an official, emphasising the dedication to fostering a conducive enterprise atmosphere and making certain transparency within the public sale course of.

The success story of the public sale is additional accentuated by the constant development in excise income over current years. In 2020, the division recorded earnings of Rs 1320 crore, adopted by Rs 1353 crore in 2021, Rs 1777 crore in 2022, and Rs 1796 crore in 2023, culminating within the historic milestone of Rs 2280 crore in 2024.

Wanting forward, officers anticipate sustained monetary development, with 38 liquor retailers but to be auctioned. “We stay optimistic concerning the prospects for income technology within the coming years. With prudent insurance policies and efficient administration, we intention to maximise income streams and contribute to the socio-economic improvement of Jammu and Kashmir,” authorities sources reported.