Aug 26: Indian Whisky winning awards, healthy snacks are up

Good morning! Making the list today of things you never thought you’d hear - BoAt CEO Aman Gupta revealed that the company used Archana Puran Singh’s laughter as the ultimate sound barrier test for a new range of noise-cancelling headphones. Just imagine the sound engineers spending days and nights in a closed room, replaying the earphone-piercing laughter over and over until they got it right. They’re not the heroes we deserved, but the heroes we needed.

Now, let’s get into the Dispatch! 🚀

Today’s reading time is 6 mins.

The Indian market kicked off the week on a positive note on Monday, buoyed by hopes of a Fed rate cut, which gave a boost to IT and metal stocks.

Snacking goes healthy: For decades, India’s snack shelves have been ruled by the fried and familiar - namkeen, bhujia, banana chips, and masala wafers. They’ve powered train journeys to and hostel nights with equal ease. But the scene is shifting and fast. A new generation of consumers is reaching less for oily fritters and more for peri-peri makhana, protein wafers, and seed mixes, snacks that promise indulgence without guilt. By 2033, India’s snacking market is projected to touch ~$11 billion, according to IMARC, while the healthy snacking segment is set to grow to $4.6 billion. This shift has been led by startups breaking the old “healthy equals boring” myth. With brands like Bonvie, Farmley and Khetika gaining popularity with products like peri-peri makhana and seed mixes in clean, modern packaging.

The numbers: The data suggests mindful snacking is no fad. Healthy snacks are growing 1.2 times faster than traditional ones, and single-serve packs are expanding 60% faster than regular sizes. NielsenIQ reports that 72% of Indians now say health drives their snacking choices, with nearly half reading ingredient labels carefully. Regional preferences are also shaping innovation: the south leans towards healthy ingredients, the west prizes nutrient density, while taste remains paramount in the north and east. Quick-commerce platforms like Blinkit and Swiggy Instamart are accelerating adoption beyond metros, with tier-2 and tier-3 cities catching up fast.

Big players circling: Marico has acquired healthy snack labels, while IPO of companies like Gopal Snacks indicate investor appetite for the segment. Consolidation seems inevitable. For now, however, the new healthy-snack startup wave is thriving on agility, design-led branding, and cultural resonance.   

A Local Pour for the Global Audience: DeVANS Modern Breweries is making waves on the global whisky stage. Its newly launched single malts, Adambaraa and Manshaa, have bagged top honours at two of the world’s most prestigious whisky competitions this year. With these wins, DeVANS joins the ranks of India’s finest homegrown distilleries putting Indian malts on the world map, challenging long-held dominance by Scotch and Japanese labels.

Maker’s Mark: India’s whisky story is no longer just about consumption, it’s about creation. Once dismissed as imitators of Scotch, Indian distilleries are now challenging traditional powerhouses, carving out a unique identity on the global stage. With changing social attitudes, rising disposable incomes, and a taste for premium spirits, the country’s whisky market is projected to grow at nearly 20% annually over the next decade.

Movers and Shakers: The revolution began in 2010, when Bangalore-based Amrut stunned critics with Amrut Fusion, hailed by whisky writer Jim Murray as the “third finest whisky in the world”. Two years later, Goa’s Paul John entered the scene, and between them, the pioneers proved Indian single malts could compete head-to-head with Scotch and Japanese whiskies.

Awards and Accolades: Global recognition has followed. Amrut, Paul John, and Rampur have together won hundreds of international medals, with Amrut recently bagging three Double Golds at the 2025 San Francisco World Spirits Competition. Exports of Indian whisky have surged over 200% since 2016, now reaching more than 60 countries. Domestically too, Indian single malts have now overtaken Scotch in volume, accounting for more than half the premium whisky market.

Gaming freeze: The Indian government’s ban on real-money gaming has put nearly $15 billion in venture capital investments at risk.

Profits, not plots: Karnataka says no more cheap land for companies; states should stop wooing investors with land banks and subsidies, and instead offer better infrastructure and simpler rules.  

Fitch affirms India: Fitch ratings reaffirmed India at BBB- with a Stable outlook, citing robust growth and solid external buffers; it added that any GDP hit from global tariff moves should be modest because India’s economy is relatively closed to trade. 

RBI's Promise: RBI Governor Sanjay Malhotra said the central bank is ready to take "calibrated action" to counter any growth impact from potential US tariffs. The RBI has already cut its repo rate by 100 bps between February and June, holding it at 5.5% in August, and has trimmed its FY26 GDP forecast to 6.5%.  

India’s tariff move: India has hired a second U.S. lobbying firm, Mercury Public Affairs, for $75,000 monthly, to counter the impending 50% U.S. export tariff. The move is aimed at strengthening India's position and negotiating an amicable solution to the trade dispute.

Strong reserves: RBI Governor Sanjay Malhotra confirmed that India's forex reserves, currently at $695 billion, are a robust buffer and sufficient to cover 11 months of imports, providing resilience amid global trade uncertainties.