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The over $12 billion Indian tobacco industry has a new problem at its doorstep, as the government is set to enforce strict regulations around the consumption of tobacco, mainly cigarettes. While the need for regulations around tobacco is to be lauded as it impacts the health of millions, in a year where the government has to ensure its cash flow remains strong, it remains to be seen whether Finance Minister Nirmala Sitharaman will hurt the likes of India’s big tobacco companies, ITC. For ITC, cigarette sales alone account for 46% of its total revenue – a whopping $6 billion in FY20.