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Two reasons: Tax hikes in India do not match increases in real income Indias complex cigarette-tax structure allows significant manipulation Indias convoluted cigarette tax structure Cigarettes were 175 per cent more affordable in 2011 than in 1990, and tobacco has become 5 per cent more affordable in India since 2008, according to the WHO, all because real incomes have been growing at a faster clip than taxes on cigarettes

Consumer Services 51,015,016,997 46.2 PGR Progressive Corporation (The) Finance 78,393,735,374 45.9 TDG Transdigm Group Inc

Chris Dalla Riva is a musician who spends his days working at Audiomack, a popular music streaming service