Apple is keen on ramping up its domestic component production in India. This revelation came to light during a recent tête-à-tête between Apple’s top brass and India’s finance ministry officials.
What Happened? Diving into the details, a government insider told MoneyControl that, “Apple’s July presentation was all about their intent. They’re not just looking to assemble iPhones here; they’re keen on boosting the domestic component scene.”
The dialogue wasn’t just about Apple’s ambitions but also revolved around understanding the supply chain better and the broader growth trajectory of India’s smartphone manufacturing sector. However, the government’s stance on tax incentives still seems to be a firm no.
With most of Apple’s suppliers nestled in China, the tech giant is looking to diversify its manufacturing hubs, and India seems to be a prime candidate.
A quick flashback: Apple began its Indian iPhone manufacturing journey in 2017. Fast forward to now, and they’ve got a robust assembly line in place, thanks to partnerships with big names like Foxconn and Wistron. And if you’ve been around Mumbai or Delhi lately, you might’ve spotted Apple’s shiny new stores, marking another milestone in its India journey.
Get all the latest Share Market trends and news to set you up for the week ahead.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.