US-China Trade War: Apple to invest $1 Bn in India
By MYBRANDBOOK
Apple is focusing the Indian smartphone market very aggressively with the market share has gone down to 1.2 per cent from 2.4 per cent and Apple has begun making smartphones and components for exports in India. As part of Apple’s revived plan, Apple has committed fresh investment of $1 billion through its partners in the country. This announcement comes at a time when the US and China are engaged in a trade war, prompting companies which are heavily dependent on manufacturing in China to look elsewhere for making their products.
The contract manufacturer Foxconn will be one of the partners in Apple’s fresh expansion plan. “Testing is underway for many products. Apple will aim to meet the demand for its products across global markets.
In coming months, the company plans to kick off the export of ‘Made in India’ iPhones across the world. Initially, the iPhone maker firm had begun with a limited production of a smartphone in India. It has been assembling iPhone SE and 6S in the country through Wistron unit.
Sources said, Apple reportedly will start manufacturing newer models like iPhone 8 in India. A few months ago, Wistron, to set up a new plant, had bought a 43-acre plot in Bengaluru. Apple also eyes to serve the local demand for latest models like the costlier iPhone X, XS and XS Max from its plant in Sriperumbudur in Tamil Nadu.
Apple’s operation development was confirmed by the Union minister for electronics and information technology Ravi Shankar Prasad and said Apple wants to invest more in India. The development comes after the government decision to relax in the statutory 30% local sourcing of components. Apple had earlier proposed concessions, including duty exemption on manufacturing and repair units, parts, capital equipment, and consumables for a period of 15 years.
Apple also feels that higher production in India, including towards exports, would help the company meet the 30% local sourcing rule to open its own stores here and also plans to set up three brick-and mortar outlets in India, besides an online store.
Lastly, the stores expected to come up in Mumbai and Delhi - would be in line with its ‘global experience’ centres.
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