US tech giant Apple could double or triple investments in India, along with exports, over the next few years, the country’s deputy minister for information technology said.
“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 said.
Chandrashekhar’s comments followed his meeting with Apple chief executive Tim Cook on Wednesday in the capital, New Delhi. Cook also met Prime Minister Narendra Modi and said Apple was “committed to growing and investing across the country”.
Also on AF: ‘Fanboys’ Queue Up as Apple Opens First India Store in Mumbai
The Apple CEO is in India to inaugurate the US tech giant’s first retail stores in the world’s biggest smartphone market after China.
He inaugurated an Apple store in New Delhi on Thursday two days after opening its first outlet in Mumbai, the commercial capital.
#WATCH | Apple CEO Tim Cook meets customers visiting India’s second Apple Store at Delhi’s Select City Walk Mall in Saket. pic.twitter.com/ZeEubKU92w
— ANI (@ANI) April 20, 2023
Apple has previously faced hurdles in opening physical retail stores in the South Asian nation, but its products have been available on e-commerce websites, while its online store opened in 2020.
Superstar reception
About 500 people had gathered at the New Delhi store for Cook’s brief appearance. He spoke with fans and took selfies, as in Mumbai.
“We’ve come here only to see Tim Cook,” said Manika Mehta, 32, an Android phone user who queued at the Delhi store.
“My heart was skipping a beat,” said Reeti Sahai, 45, after taking a selfie. “I’m an Apple addict. I’m drawn to Tim Cook, seeing the man he is and the journey.”
Cook’s visit has drawn extensive media coverage and he has been feted like a Bollywood star, with some people trying to touch his feet in a traditional gesture of respect, while others asked for his autograph.
What an incredible reception, Delhi, thank you! We’re delighted to welcome our customers to our newest store—Apple Saket! pic.twitter.com/5Jmi79ixzl
— Tim Cook (@tim_cook) April 20, 2023
Expanding manufacturing
The new stores open as Indian consumers increasingly look to upgrade devices to glitzier models with richer feature sets, from budget versions that typically cost less than $120.
Still, Apple’s pricey phones are affordable for only a few in India, where it has a market share of just 3%.
Apple has been trying to make India a bigger manufacturing base. Its suppliers Foxconn, Wistron and Pegatron are already assembling Apple products, including iPhones, in the country.
In January, India’s trade minister said Apple wanted the country to account for up to 25% of its production versus about 5% to 7% now.
Apple mainly assembles iPhones in India through Taiwan contract manufacturers but plans to expand into iPads and AirPods, as it looks to cut reliance on China.
Its iPhones made up more than half of total smartphones worth about $9 billion exported from India between April 2022 and February, data from the India Cellular and Electronics Association shows.
- Reuters, with additional editing by Vishakha Saxena
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