Apple Commits To Invest, Manufacture And Maximum Growth In India
India is the 2nd-largest smartphone market in the world. Thus Apple wants to grow its business here. Apple recorded over $5 billion iPhone exports from India in FY23.
Apple CEO Tim Cook visited India and met with Prime Minister Narendra Modi and other government officials to discuss the company’s plans to invest and expand in the country.
Apple’s Chief Executive Officer, Tim Cook also held a meeting with Rajeev Chandrasekhar, the Minister of State for Electronics and IT.
Tim Cook’s objectives were to discuss ways to further enhance local manufacturing and iPhone exports. India has seen a record $5 billion in iPhone exports from Apple, in the current fiscal year.
Chandrasekhar expressed his pleasure at the meeting, stating that they discussed Apple’s strategic and long-term partnership with India’s digital journey.
Apple CEO and the Indian Union Minister discussed various topics, including expanding the app and innovation economy, increasing manufacturing and exports, skilling of youth, and job creation.
India has witnessed a significant rise in mobile phone exports, from ₹45,000 crore in FY22 to ₹90,000 crore in FY23, which surpassed the previous estimate of ₹75,000 crore.
The outstanding performance of the performance-linked incentive (PLI) scheme for mobile phones has inspired other electronic segments to emulate this success in increasing manufacturing and exports.
Chandrashekhar shared that the Apple ecosystem in India has generated more than 1 lakh new direct jobs in manufacturing in the last two years.
70% of these jobs are held by 19-24-year-old women who are starting their careers and acquiring skills, thereby improving the ease of living for their families.
Apple started manufacturing iPhones in India in 2017, and since then, the company has collaborated with multiple suppliers to assemble new iPhone models and produce a growing number of components.