India’s Commerce and Industry Minister, Piyush Goyal, has confirmed that US-based tech giant, Apple, is continuously expanding its operations in India. The Indian government has also pledged its support for the company’s business activities in the country. Goyal stated that the electronics industry typically follows a pattern of first setting up a basic infrastructure, then sourcing various components to build upon that foundation. In the case of Apple, the company is actively expanding its business in India, and the government is working closely with them to ensure their success.
Apple currently outsources iPhone manufacturing to major electronics firms such as Foxconn, Wistron, and Pegatron in India. Goyal revealed that the Indian government is hand-holding Apple to support its growth in the country, given that the eyes of the world are fixed on the company. He also highlighted that India’s exports of mobile and electronics goods have doubled in the last year. Furthermore, Apple itself exported approximately USD 5 billion worth of goods from India last year. The company has plans to manufacture 25% of its products globally in India in the next four to five years.
Next week, Apple will open its first retail store in India, in Mumbai, followed by a second store in Delhi. The move reflects the importance the company attaches to the world’s fastest-growing smartphone market. Apple currently sells its products in India through exclusive Apple Premium Reseller stores, large format retail chains, multi-brand retail stores, and e-commerce platforms.
According to CyberMedia Research (CMR), Apple holds 4% of the Indian smartphone market share, with a 17% YoY increase in shipments in 2022. The company has over 100 Apple Premium Reseller stores in India, which exclusively sell Apple products.
Overall, Apple’s expansion in India is a positive sign for the Indian economy, given the significant investments and job creation opportunities that come with the tech giant’s presence. The Indian government’s support for Apple’s operations in the country highlights the importance of foreign investments in driving economic growth and creating job opportunities.
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