Answer by Arûn Râinâ:
from a post "She is Neeru Deshpandey. She was 4 years 3 months old when the picture was taken. Currently she is married to a businessman in Nagpur."no further information is readily available for this or other sources!Ref:Finally, Mayank Shah, group product manager at Parle Products, puts all the folklore to rest and reveals: It's actually an illustration by an Everest creative back in the 60s.