In November 2021, the Delhi government rolled out a new excise policy. The new policy effectively took the government out of the liquor retailing business and handed it over to private players. But within a few months, it came under CBI scrutiny following allegations of favouritism and corruption. The Delhi government withdrew the policy and announced that from September 1, the state would revert to the old regime for a period of six months until a fresh policy is in place. The whole saga has thrown up interesting questions concerning public policy, regulatory principles, and public finance. For instance, what exactly was the logic of Delhi’s old liquor policy? What was the new one trying to do? And what ought to be the primary outcomes of a sustainable liquor policy that is fair to all the stakeholders?