According to a report from ITC (formerly known as the Indian Tobacco Company Limited, now the Indian Tobacco Company), their cigarette business achieved strong performance in the second quarter of 2022, with segment revenue and segment performance increasing by 29% and 30.1%, respectively, compared to the same period in the previous year.
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The Indian Tobacco Company released a statement declaring their commitment to combatting illegal trade. They plan to strengthen their market position through innovation, market segmentation, premiumization, improving product availability, and strict enforcement.
The Indian Tobacco Company has expressed encouragement towards the stable tobacco tax environment and enforcement actions taken by Indian authorities to eliminate illegal trade.
The Indian Tobacco Company stated in a press release that "as demonstrated in the past, stable cigarette taxes, supported by deterrent law enforcement actions, enable the legal cigarette industry to recover trade volumes from illegal trade, generating domestic demand for Indian tobacco, while also alleviating fiscal revenue losses.
The Indian Tobacco Company has stated that it continues to work with government agencies to develop a fair, non-discriminatory, practical, and evidence-based regulatory and taxation policy framework that balances economic benefits and tobacco control objectives. This takes into account India's unique patterns of tobacco consumption, with only a small portion of combustible tobacco production being used to manufacture cigarettes in Indian factories.
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