
Liquor sales hit doldrums over hike in excise duty
According to available statistics, sales consistently remained at 27 lakh cases or boxes from the financial year 2021-22 to 2024-25, showing no significant growth. The substantial rise in excise duty is expected to cause a further decline in sales. The impact of Covid-19 was evident in 2020-21 when sales dropped to approximately 22 lakh cases due to the closure of liquor establishments. However, beer consumption showed a contrasting trend, with sales figures doubling since the pandemic period, reaching 24.3 lakh cases in 2024-25.
As per the excise department statistics, IML sales were 22,81,967 in 2020-21, which increased to 27,07,466 cases in 2021-22. From here onwards, the sales remained stagnant with just a little improvement of boxes in thousands. In 2022-23, the sales of IML was 27,46,253, saw little improvement, and was 27,58,553, but it dropped to 27,21,033 in 2024-25.
The primary factor is the reduction in fisheries and other blue-collar employment opportunities.
Additionally, individuals travelling from foreign countries or different states are procuring their alcohol from alternative sources. The early closure requirements imposed on establishments serving alcohol in Mangaluru and neighbouring districts have adversely affected sales. According to TM Srinivas, deputy commissioner of the excise department in Dakshina Kannada, these combined elements have resulted in diminished IML sales.
Another official from the excise department said that close to 30% of liquor sales from Dakshina Kannada were earlier due to the flow of liquor to neighbouring states. However, it has stopped as the prices in Kerala are lower than Karnataka.
Officials from the excise department expect that the recent hike in the license fee for all types of liquor outlets will be detrimental to sales.
Get the latest lifestyle updates on Times of India, along with
Brother's Day wishes
,
messages
and quotes !

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Indian Express
an hour ago
- Indian Express
TCS layoffs: Why India's IT dream needs a wake-up call in the age of AI
Tata Consultancy Services' (TCS) recent announcement that it will be laying off 12,000 employees, amounting to 2 per cent of its global workforce, has expectedly started causing significant hand-wringing about the impact of AI on India's labour market. The clarification from K Kirthivasan, the company's CEO, that the lay-offs are because of 'skill-mismatch' and not AI, however, is unlikely to quell growing unease within the country, as the IT sector has had an outsized impact on India's economic story. It employed just over five million people in 2024 but contributed to around 7 per cent of GDP and accounted for 50 per cent of India's services exports. Unsurprisingly, therefore, the IT sector has traditionally been the most straightforward and sought-after path to upward economic mobility and prosperity for India's legions of engineering graduates, and any dip in the employment prospects of this sector is likely to have significant ripple effects on India's economy and politics. Coupled with several other more bombastic statements by global giants like Meta and Salesforce on the reduced need for entry-level engineers and a turbulent business outlook for India's IT sector, an anxiety-inducing cocktail is born. In this context, there are three key takeaways from TCS layoffs to keep in mind. First, it is of course entirely likely that these layoffs are not caused by AI. Net hiring by India's IT giants has been going down for several quarters, partly to balance the aggressive hiring spree in the aftermath of the Covid pandemic, and partly due to a more volatile global economy, which has reduced spending by potential clients. This slowdown in hiring is not limited to the IT sector. That said, there are also other emerging industries, particularly Global Capability Centres (GCCs), which now employ nearly 2 million, and the startup ecosystem, which are fast becoming attractive alternative employment pathway for young engineers. We are not even sure what the actual impact of AI on employment and labour force participation globally has been so far, so it might be a little premature to lay the blame for these cuts at AI's feet. Second, this does not mean that AI will not have an impact on India's IT sector. Historically, our IT giants have based their offerings on India's labour cost advantage, relying on the hundreds of thousands of engineers who graduate every year to provide standardised, relatively low-skilled services mostly in support functions at a fraction of global costs, best exemplified by the fact that starting salaries in the IT industry have not changed in a decade. AI can already do nearly everything that fresh hires in the sector are expected to do, and if the cost structures allow, there is very little reason for IT companies to keep hiring tens of thousands of fresh graduates a year. It can be reasonably expected that net hiring in these companies will no longer reach the levels seen in the last couple of decades, and any excess workforce, the so-called 'bench' in IT HR parlance, will be systematically trimmed. Third, the anxiety surrounding a single company's lay-off decision is indicative of a much larger issue in the Indian economy – the fact that quality employment opportunities have not kept pace with economic growth rates and the growing aspirations of India's youth. Low wage levels in the private sector and growing living costs have made India's middle class more precariously placed than ever before, indicated by the rapidly expanding use of personal debt for consumption and basic necessities. The advent and increased use of AI will also change the nature of jobs that are likely to remain relevant. Demand, even within the IT space, is shifting from entry-level testing and support work to domain specialists in areas like cybersecurity, cloud computing, full-stack capabilities and AI itself. There is also growing demand for personnel in sectors like data centre management and chip design. While these jobs are likely to be high-paying, they will require significant investments in education and can never reach the employment numbers of the IT sector. With manufacturing not taking off as expected and the narrowing opportunities in IT, fresh graduates, particularly from Tier-II and Tier-III colleges, might increasingly feel bleak about their employment opportunities. The anxiety around TCS layoffs should be seen in the larger context of the structural issues within the Indian economy. Mitigation of any potential negative fallout due to widespread AI adoption on an already stressed workforce will require a multipronged approach, including a rapid, affordable skilling programme, a complete overhaul of India's higher education system, and policy incentives to boost other sectors, particularly emerging areas like biotech, pharmaceuticals and advanced manufacturing. No longer can one sector take on the burden of upholding India's middle class and economic prospects the way that IT has in the past. More diversified, well-paying employment opportunities will only strengthen the Indian economy during an uncertain time. Shashank Reddy is Managing Partner, Evam Law & Policy


Time of India
4 hours ago
- Time of India
NCLT replaces RP in Anil Ambani personal guarantee case
The National Company Law Tribunal ( NCLT ) has replaced Jitender Kothari with Prashant Jain as the resolution professional (RP) in the insolvency case linked to Anil Ambani 's personal guarantee for a ₹1,385-crore loan extended by SBI to Reliance Communications , Times of India . According to the report, Ambani had extended the guarantee in September 2016, which was retrospectively tagged as a non-performing asset from late August that year. Kothari was appointed RP in August 2020 and subsequently sought information from Ambani, including details of proceedings in a UK court. Explore courses from Top Institutes in Please select course: Select a Course Category Product Management CXO healthcare Technology others PGDM MBA Digital Marketing Management Finance Public Policy Leadership Data Science Data Science Healthcare Others MCA Data Analytics Operations Management Project Management Design Thinking Degree Artificial Intelligence Skills you'll gain: Creating Effective Product Roadmap User Research & Translating it to Product Design Key Metrics via Product Analytics Hand-On Projects Using Cutting Edge Tools Duration: 12 Weeks Indian School of Business ISB Product Management Starts on May 14, 2024 Get Details Skills you'll gain: Product Strategy & Roadmapping User-Centric Product Design Agile Product Development Market Analysis & Product Launch Duration: 24 Weeks Indian School of Business Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Product Strategy & Competitive Advantage Tactics Product Development Processes & Market Orientations Product Analytics & Data-Driven Decision Making Agile Development, Design Thinking, & Product Leadership Duration: 40 Weeks IIM Kozhikode Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details The process triggered multiple legal challenges, including cases before the Delhi High Court and the Supreme Court. In May 2021, Kothari filed a report recommending admission of the insolvency plea, even as Ambani's counsel had requested additional time citing Covid-related travel restrictions. Soon after, Ambani's legal team argued that the RP was only entitled to seek information from SBI and accused him of seeking unrelated data. Ambani claimed that the RP was 'acting in undue haste and denying him fair and proper opportunity' to furnish information. The RP rejected these allegations. SBI, meanwhile, backed Kothari and said the prolonged pendency of the matter before the NCLT was delaying the resolution. Live Events In its July 15 order, as per TOI, the NCLT said, 'In light of Covid-related disruptions, Ambani should have been given a fair opportunity to provide information to the resolution professional.' It noted that 'the RP didn't even wait for adjudication of his application pending before this Tribunal seeking relaxation of 10 days' timeline and a cross application of the applicant before this Tribunal requiring more time in view of Covid restrictions.' While ruling out any misconduct, the bench said, 'Though, we do not find any negligence or explicit bias on part of the RP in this case, however, we are of considered view since the insolvency resolution process after commencement has to be run in close coordination of debtor and RP.'
&w=3840&q=100)

Business Standard
7 hours ago
- Business Standard
TCS stock on verge to break this 16-year-old trend; can crash another 16%
TCS stock slipped 1.7 per cent to a low of ₹3,082 in intra-day trade on Monday, a day after the company said it would l ay-off 2 per cent or 12,260 employees of its global workforce. The job cuts by India's largest IT services company highlights the extent of challenges faced by technology-sector amid a sluggish global economy, geopolitical tensions and tariff concerns. Globally, Microsoft, IBM, Intel and Meta too have reduced head counts in the calendar year 2025 thus far. READ MORE On the earnings front, earlier this month, TCS reported a 6 per cent year-on-year (YoY) growth in net profit at ₹12,760 crore for Q1FY26 as against ₹12,040 crore in Q1FY25. Revenue from operations increased by 1.3 per cent YoY to ₹63,437 crore. Post the earnings announcement, TCS management remained optimistic overall, but admitted that high single-digit growth in FY26 looks tough. TCS stock performance thus far in 2025 TCS stock has been an under-performer so far in the calendar year 2025. The stock has dropped 22 per cent in the first seven months of the year, slightly more than the sectoral Nifty IT index - which has declined 18.3 per cent. In comparison, the NSE Nifty 50 has gained nearly 5 per cent in the same period. ALSO READ | Will Nifty end July above or below 25,000? These 3 key factors to set trend In July alone, the stock has declined over 10 per cent; while the Nifty IT has shed 9 per cent, and the Nifty 50 index was down around 3 per cent. Technical outlook on TCS stock Tata Consultancy Services (TCS) Current Price: ₹3,092 Likely Target: ₹2,590 Downside Risk: 16.2% Support: ₹3,100; ₹2,900; ₹2,750 Resistance: ₹3,212; ₹3,388 Following a sharp fall at the counter, TCS stock is now on verge of breaking a key 16-year bullish trend, as per the monthly scale. Historical chart shows that TCS stock has consistently traded above its super trend line support on the monthly scale since the breakout in July 2009. Even during the Covid-19 related panic sell-off, the stock briefly dipped below this key long-term trend line support, but eventually managed to close above the same on a monthly closing basis in March 2020. Today, July 28, 2025, for the first time since March 2020, TCS is once again trading below the monthly trend line support, which stands at ₹3,121. A monthly close below the same shall signal the end of the 16-year bullish run for the stock. The monthly chart further stocks presence of some support around ₹3,100 levels, which is the lower-end of the Bollinger Bands. Break and sustained trade below the same can accentuate the fall at the counter. The next key support for TCS, as per the monthly chart, stands around ₹2,590 levels - the 100-Month Moving Average (100-MMA). This implies a downside risk of around 16.2 per cent from present levels. Intermediate support for the stock can be anticipated around ₹2,900 and ₹2,750 levels. TCS stock is seen trading below the key moving averages on the daily and weekly charts; thus indicating presence of multiple overhead resistances. The near-term bias is likely to remain bearish as long as the stock trades below 3,212 levels; while the key medium-term hurdle stands at 3,388 levels.