Apple (NASDAQ:AAPL)
Apple (NASDAQ:AAPL) has just established its first two retail shops in India. Still, according to India’s deputy minister of technology, the tech giant may dramatically boost its investment in the Southeast Asian nation over the next several years. Apple has just opened its first retail stores in India. Despite this, Apple stock declined slightly.
In an interview with Reuters, Rajeev Chandrasekhar, India’s deputy minister for information technology, stated, “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.”
Apple stock allegedly produced about $6 billion in sales nationwide in the year up through March. Still, the corporation sees India as a chance to sell its goods and services and a manufacturing base.
Since 2017, when it began with the iPhone SE, the multinational technology corporation has begun manufacturing iPhone devices in India. Since then, it has been increasing its manufacturing in India, notably for iPads and AirPods, among other products.
As Apple attempts to diversify its supply chain away from China, the company announced in September that it will make certain iPhone 14 devices in India.
J.P. Morgan, an investment company, said Apple may move as much as 25% of its iPhone manufacture to India by 2025.
The presence of Apple’s manufacturing partners in India has grown, notably that of Foxconn, which is sometimes referred to as HonHai Precision (OTCPK:HNHPF). It was reported a month ago that the two individuals had fought for more permissive labor regulations in the state of Karnataka, which is located in India.
Tim Cook, CEO of Apple, was in India earlier this week to celebrate the inauguration of new Apple stores in Mumbai and New Delhi. While there, he had the opportunity to meet with Narendra Modi, the Prime Minister of India. Cook also said Apple is “committed to growing and investing across the country.”
Wedbush Securities, an investment company, has said that Apple’s deliberate attempt to push into India might be a “strategic poker move” that could grow yearly sales to $20 Billion by 2025.
Featured Image: Unsplash @ Medhat Dawoud
