New Delhi: India’s commerce and industry minister, Piyush Goyal, has confirmed that the government is providing support to Apple as it continues to expand its operations in the country. Goyal explained that the electronics industry typically starts with a basic setup and then sources different components to add to its ecosystem. He added that the government is in regular contact with Apple, and the Ministry of Electronics and Information Technology is also in touch with the company.
The company currently has iPhones manufactured in India by electronic giants Foxconn, Wistron, and Pegatron. Goyal has previously revealed that India’s exports of mobile and electronic goods have doubled in the last year. He stated that Apple alone exported approximately $5 billion worth of goods from India last year and that the company plans to have 25% of its global production come from India in the next 4 or 5 years.
Apple’s expansion in India is evident from its plans to open its first official retail stores in the country. The stores are set to open on April 18 in Mumbai and April 20 in Delhi. This is a clear indication of the iPhone manufacturer’s commitment to the fastest-growing smartphone market in the world. At present, Apple sells its products in India through exclusive Apple Premium Reseller stores and large-format retail chains like Reliance Digital and Croma.
India is a crucial market for Apple’s growth as it seeks to expand its presence in the fast-growing smartphone market. By manufacturing products locally, Apple can take advantage of India’s lower labour costs and tap into a rapidly expanding consumer market. Additionally, manufacturing in India allows the company to reduce its reliance on China, where it currently produces most of its products.
The Indian government has taken steps to encourage the growth of the country’s electronics industry, including offering incentives for companies to manufacture locally. The government has also introduced import tariffs to make imported products more expensive and promote domestic production. These measures are part of a wider push to make India a hub for electronic manufacturing.
In conclusion, Apple’s expansion in India is a significant development for the company’s growth strategy. By increasing its manufacturing presence in the country and opening retail stores, Apple is positioning itself to take advantage of the burgeoning Indian market. With the support of the Indian government, the company is well-placed to continue its expansion in this key market.
