Srinagar (Jammu and Kashmir): 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, sources said. In a record breaking bid, a liquor shop has been sold for Rs 5.23 crore in Qazigund area of Anantnag District of South Kashmir.
As per the reports the auction witnessed fierce bidding wars, culminating in the sale of the liquor shop in Qazigund, Kashmir for such a colossal amount.
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. Besides Qazigund, a shop in Ramnagar, Udhampur, fetched a whopping Rs 3.41 crore for the Jammu and Kashmir Excise Department.
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.
Concerned officials said that the department is 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.
As per official data 38 liquor shops yet to be auctioned in UT Jammu and Kashmir.
