Apple, the iPhonemaker, is set to double or even triple its investments in India along with increasing its exports. “I am very confident that this Apple-India partnership has a lot of headroom for investments, growth, exports and jobs – doubling and tripling over coming years,” Rajeev Chandrasekhar, the deputy minister for information technology, told Reuters.
After a meeting with the Cupertino giant CEO Tim Cook in New Delhi, Chandrasekhar expressed confidence in the growth potential of the Apple-India partnership. Cook’s visit to India, which included inaugurating new Apple stores and meeting PM Narendra Modi, has drawn significant media attention.
Indian Apple fanatics are increasingly looking to upgrade to more high-end devices, but Apple’s premium pricing makes its products affordable for only a limited segment of the population, resulting in a 5% market share in India. Nevertheless, Cook reaffirmed Apple’s commitment to growing and investing in the country.
Apple has been expanding its manufacturing operations in India, mainly focusing on assembling iPhones through contract manufacturers such as Foxconn, Wistron Corp, and Pegatron Corp. However, the company now plans to broaden its production to include iPads and AirPods, aiming to reduce its reliance on China amid trade tensions and supply chain disruptions.
Sales of Apple’s iconic laptops, workstations, and desktops, have plummeted by over 40% in the last quarter, making it the hardest hit among manufacturers during the ongoing recession. It seems, Apple is eyeing India as a potential antidote to its woes.