With cigarette sales growing at an average annual rate of 5-6 per cent, ICICI Securities has estimated that India is one of the few world markets to show growth in cigarette consumption. So, much is at stake for India's top cigarette maker, ITC Ltd, which has challenged the ban in court. The case is scheduled to come up in the Supreme Court on November 18, an ITC spokesperson said.
ITC, which also has interests in apparel, software and paperboard, has been pushing into packaged foods and personal care products as it seeks to cut its reliance on cigarettes.
Still, cigarettes make up a lion's share of its profits, with the new initiatives expected to contribute only gradually.
With the ban, India follows countries such as Britain, France, South Africa and Thailand. Worldwide, more than five million people die of tobacco-related illnesses currently.
This, the WHO says, will rise to more than eight million in the next 20 years, most of them coming from low- and middle-income countries such as India.
Image: Anti tobacco activists launch a protest | Photograph: Getty Images
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