
Dr. Bina Modi, chairwoman of Modi Enterprises-KK Modi Group and chair and managing director of Godfrey Phillips India Ltd. and Indofil Industries Ltd., is a trailblazing international business executive and the first woman to lead a tobacco company in India. Dr. Modi was named to the World Economic Forum’s (WEF) Women of the Decade in Business and Leadership in 2018, and the WEF awarded her the prestigious Achiever’s Award in 2019. Named by famed business author Prem Ahluwalia as one of India’s Most Powerful Women, Dr. Modi has been further awarded and recognized as a continental business leader by numerous organizations, including the Indo-American Chambers, AsiaOne—which showcased Dr. Modi as on of Asia’s Greatest Leaders—and the Women’s Economic Forum.
Dr. Modi agreed to sit down with Tobacco Reporter; the following conversation is lightly edited for clarity and fit.

Let’s begin with the current landscape of the global cigarette industry. What lies ahead for combustibles in an age of transformation? Could you start by providing us with an overview of the current global tobacco market and the position of traditional cigarettes within it?

The global tobacco market remains a substantial economic sector, demonstrating consistent growth. Despite the narrative around declining cigarette consumption, the global cigarette market remains robust at around usd1.1 trillion in 2024 and is projected to reach usd1.38 trillion by 2033, exhibiting a steady growth rate of 1.9% over the next decade. This trajectory clearly indicates that combustible cigarettes continue to be the backbone of the tobacco industry, with substantial consumer loyalty and market penetration that newer products have yet to achieve. The tobacco products market encompasses various categories, including cigarettes, cigars, and other smoking and smokeless products, with combustible tobacco being a fundamental product type. Geographically, Asia-Pacific emerged as the largest region in the tobacco products market in 2024, followed by North America. Notably, countries like China and India stand out as some of the largest consumers of cigarettes on a global scale. This regional concentration highlights the importance of understanding diverse consumption patterns across the world. In essence, traditional cigarettes continue to represent a substantial portion of a large and expanding global tobacco market, with Asia-Pacific playing a particularly dominant role in consumption.

That’s interesting. How do you see the impact of heated-tobacco products and vape on traditional combustibles? Many industry observers suggest these alternatives might eventually replace cigarettes.

In India, the Prohibition of Electronic Cigarettes Act, 2019 was passed by the Indian Parliament and came into effect in September 2019. It bans the production, manufacture, import, export, transport, sale, distribution, storage, and advertisement of e-cigarettes. It covers, e-cigarettes (also called vapes, vaping devices, or ENDS (electronic nicotine-delivery systems)) and heat-not-burn products (devices that heat tobacco without burning it).
While data from Europe and North America shows that innovative alternatives are growing up to 20% to 25% faster in market uptake, our focus has been on reinventing the cigarette experience. By refining blend quality, diversifying flavor profiles, and optimizing packaging design, we have ensured that our traditional brands maintain a consumer preference share well above 70% in many regions. This balanced approach—leveraging established distribution channels alongside controlled innovation—cements the future of combustibles even as the market transforms.

Regional differences seem to play a significant role in tobacco consumption patterns. Could you elaborate on how these regional variations might affect the future of combustibles?

Absolutely. Asia-Pacific, excluding Australia, continues to be the powerhouse of the global commercial cigarette market. Countries like China, India, Indonesia, and Japan remain among the largest consumers of cigarettes globally. Cultural factors, social acceptance, and longstanding traditions associated with smoking in these regions create a stable consumer base. In North America, while there’s greater adoption of alternatives, the cigarette market remains substantial. Different regions are at different stages of the tobacco consumption evolution, which actually ensures the longevity of combustibles on a global scale. For instance, in emerging markets across Asia and Africa, we’re seeing continued growth in traditional cigarette consumption as disposable incomes rise.

With growing health consciousness among consumers worldwide, how are cigarette companies innovating to maintain their market positions?

Innovation is indeed key to our continued success. Low delivery products currently hold the largest market share globally, indicating consumer preference for products perceived to be less harmful. At Godfrey Phillips, we’ve invested significantly in product refinement—optimizing tobacco blends, enhancing filtration technology, and improving the overall smoking experience while adhering to regulatory requirements.
We’re also seeing innovation in packaging, marketing strategies adapted to local regulations, and diversification of distribution channels. While tobacco shops remain dominant globally, accounting for approximately 38% of sales, we’re witnessing rapid growth in online retail channels in regions where it’s permitted. This omnichannel approach helps maintain consumer engagement with combustible products.

What would you say to industry stakeholders who are concerned about shifting investments away from combustibles toward alternative products?

In this context, our own view at Godfrey Phillips India is that combustibles will continue to be a core business. We certainly recognize the rise of new products. Philip Morris and other multinationals have invested heavily in HnB (heat-not-burn) and vaping—for example, PMI launched IQOS in Japan and Europe, but these products are not yet available in India due to regulations. For now, we see them as complementary categories for future consideration, not immediate threats. We are partnering with PMI to distribute Marlboro in India, and if the regulatory landscape ever changes, we would be open to responsibly participating in reduced-risk products. Meanwhile, our immediate focus is on enhancing the appeal of our cigarette portfolio through innovation and quality. For example, our flagship Four Square brand has introduced new variants (like the clove-infused Four Square Crush), and Stellar, our slim cigarette line, continues to gain consumers as India’s first modern slim cigarette. These innovations keep us competitive even as the market evolves.

Globally, we’re seeing more women breaking glass ceilings across industries. Before we discuss the tobacco industry specifically, what are your observations about women in leadership globally?

Women’s leadership has evolved significantly across sectors. Today, approximately 24% of C-suite positions globally are held by women, up from just 17% a decade ago. Women-led companies have demonstrated superior financial performance, with studies showing 25% higher profitability in companies with gender-diverse leadership. In industries ranging from technology to finance, healthcare to consumer goods, women are not just participating but leading transformative changes. Leaders like Emma Walmsley at GSK, Jane Fraser at Citigroup, and Mary Barra at General Motors are redefining leadership paradigms in traditionally male-dominated industries.
What’s particularly encouraging is that beyond individual success stories, we’re seeing systemic changes in how organizations approach diversity, with more structured pathways for women to advance to leadership positions.

That’s a great overview. Now, focusing specifically on the tobacco industry, which has traditionally been male dominated, what progress do you see for women leaders?

The tobacco industry has indeed been traditionally male dominated, but we’re witnessing meaningful change. Currently, women represent approximately 15% of executive leadership positions in major global tobacco companies, up from less than 5% two decades ago. Several remarkable women have paved the way. Susan Cameron’s leadership as CEO of Reynolds American transformed that company before its acquisition by BAT. Alison Cooper served as CEO of Imperial Brands for nine years, steering the company through significant market challenges. In Japan, Eddy Pirard has increased female executive representation at JTI substantially.
At Philip Morris International, Jacek Olczak has committed to achieving at least 40% female representation in management by 2025. These are not just token appointments—women are increasingly driving critical business decisions, innovation initiatives, and organizational transformations across the industry.

As one of the few women leading a major cigarette company, could you share your personal journey? What challenges did you face in rising to your current position?

My journey hasn’t been without its challenges. I began my entrepreneurial career by founding Bina Fashions, which expanded globally, followed by establishing the Ego Specialty Restaurant Chain, Dessange Salon, and Beacon Travels. These diverse entrepreneurial experiences gave me a unique perspective on building and scaling businesses across sectors. When I assumed the role of CMD (chairperson and managing director) of Godfrey Phillips in November 2019, I faced the triple challenge of being a woman in a male-dominated industry, managing a complex transition of leadership, and, soon after, navigating a global pandemic.
Throughout my career, I’ve encountered skepticism about my understanding of the tobacco business, faced unconscious bias in industry forums, and had to work twice as hard to establish credibility. However, these challenges strengthened my resolve and sharpened my business acumen.
I’ve always believed that competence speaks louder than gender. My approach has been to lead with knowledge, decisiveness, and a collaborative style that brings out the best in our teams. Being a woman leader in this industry has actually been an advantage in many ways—it’s allowed me to bring fresh perspectives and inclusive leadership practices that have contributed to our company’s success.

Under your leadership, Godfrey Phillips has shown remarkable performance. Could you share some specific achievements and how they reflect your leadership approach?

I’m proud to share that since I took over as chairperson and managing director in late 2019, we’ve achieved consistent growth despite unprecedented global challenges. In fiscal year 2024, Godfrey Phillips recorded a gross revenue of over inr53 billion (usd620.4 million), marking a significant increase compared to the previous fiscal year.
This growth hasn’t come by chance but through strategic initiatives. We’ve optimized our product portfolio, particularly strengthening our position in the premium segment with brands like Marlboro, which we manufacture and distribute in India. We’ve improved operational efficiencies across our manufacturing facilities, resulting in a 13% increase in production output in FY24 over FY20, while maintaining stringent quality standards.
Our market share in India has grown by approximately 4.4 percentage points over the last four years, outpacing industry growth. We’ve also expanded our international footprint, with exports increasing by 125% over the past four years.
Beyond financial metrics, I’m equally proud of our organizational transformation. We’ve worked on increasing our female representation across all levels of the organization, implemented comprehensive sustainability initiatives that have resulted in increased use of renewable energy by over 30% year-over-year in FY24, and significantly enhanced our CSR programs, which now impact over 250,000 lives annually.

Your achievements are indeed impressive. Looking at the broader industry, what advice would you give to young women aspiring to leadership in the tobacco sector?

My advice would be multifaceted. First, develop deep industry knowledge—understand not just your specific role but the entire value chain from agriculture to consumer insights. The tobacco industry is complex, highly regulated, and constantly evolving—technical expertise is non-negotiable.
Second, build resilience. This industry faces unique challenges and public scrutiny. The ability to maintain focus, make difficult decisions, and lead with conviction during challenging times is essential.
Third, embrace innovation. The industry is transforming, and those who can lead change rather than merely respond to it will define its future. At Godfrey Phillips, we’ve created innovation incubators that have yielded several breakthrough initiatives, including our digital trade engagement platform that connects with over 650,000 retailers.
Fourth, cultivate authentic leadership. Your unique perspective as a woman is valuable—don’t try to lead like someone else. I’ve found that authentic leadership builds stronger teams and more sustainable results.
Finally, find allies and mentors, both women and men, who support your growth. I’ve been fortunate to have mentors who believed in my capabilities, including my late husband, Mr. K.K. Modi, whose vision for Modi Enterprises continues to inspire me.
The future is bright for women in this industry, and I’m committed to ensuring that Godfrey Phillips remains at the forefront of gender-inclusive leadership.

Thank you, Dr. Modi, for these profound insights. Your journey and leadership at Godfrey Phillips are truly inspiring, and your balanced perspective on both the future of combustibles and women’s leadership in the industry has been enlightening for all of us.

Thank you for this opportunity. I firmly believe that both our industry and the cause of women’s leadership have bright futures ahead. At Godfrey Phillips, we remain committed to excellence in our products, sustainability in our practices, and inclusivity in our leadership as we navigate the transformations ahead.