SRINAGAR: The government of Jammu and Kashmir has attained unprecedented success in its recent auction of liquor shops, with revenues skyrocketing to a historic high of Rs 2280 crore in the fiscal year 2024.

This surge in revenue, as confirmed by official reports, compared to previous years, highlights the effectiveness of the state’s revamped excise policy, which was initiated three years ago to streamline the auction process and boost revenue generation.

According to local news gatherer KNO news agency, the auction witnessed intense bidding wars, culminating in the sale of a liquor shop in Qazigund, Kashmir, for an astonishing Rs 5.23 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. Similarly, a shop in Ramnagar, Udhampur, fetched a commendable Rs 3.41 crore.

“The overwhelming response to the auction underscores the buoyancy of the market and the potential for further revenue generation,” stated an official, emphasising 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.

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