Apple may double or treble investment in India: IT minister

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Apple may double or treble investment in India: IT minister

April 21

12:42 2023

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by indadmin

NEW DELHI, APRIL 21: Apple may double or treble its investment in India and exports from the country in the next few years, said Minister of state for Electronics and Information Technology (MeitY) Rajeev Chandrasekhar after a meeting with Apple CEO Tim Cook. Cook is in India to unveil its first two retail stores in the country.

The minister said he is confident that the Apple-India partnership has a lot of headroom for investments, growth, exports and jobs – doubling and tripling over the coming years. Cook met Prime Minister Narendra Modi on Wednesday and pledged to expand and invest across the county. It is in the process of enhancing its production capacity in India, which is currently about 5-7% of its total production.

The iPhone maker faced several manufacturing issues in China, which still produces 85% of iPhones. These issues include the shutdown of plants and tension between the US and Chinese governments. In India, it has a market share of 3-5% and has three vendors — Foxconn, Wistron Corp and Pegatron Corp — to manufacture its products. Last month, Foxconn CEO Young Liu spent a week in India and explored expansion opportunities. As per reports, Foxconn may add two more buildings at its site near Chennai and is looking to establish a research and development centre in Bengaluru’s Whitefield.

The firm started manufacturing iPhones in India in 2017, with iPhone SE, now making all the advanced iPhones. Cook on Thursday inaugurated an Apple store in New Delhi, after opening its first outlet in Mumbai. The Apple CEO was welcomed by cheers and claps from staff and Apple enthusiasts who gathered at the store since morning. “What an incredible reception, Delhi, thank you! We’re delighted to welcome our customers to our newest store – Apple Saket!,” tweeted Cook.

-TNIE