Apple’s recent announcement has highlighted its strong commitment to the Indian market as it supports over a million developer jobs and has seen App Store payouts triple since 2018. In addition, the tech giant is set to open its first two retail stores in India. That reflects a major expansion in the South Asian market. Apple’s chief executive, Tim Cook, is visiting the country to meet Prime Minister Narendra Modi, business leaders, and inaugurate the new stores.
Apple’s Growing Presence in India
Tim Cook, Apple’s CEO, expressed his excitement about the potential for growth in India, the world’s second-largest internet market. Although most smartphones sold in the country are priced below $250, Apple has shown optimism regarding India’s ability to contribute to its overall revenue. The opening of the two new retail stores marks a significant milestone for the company.
In recent months, Apple has actively recruited employees in anticipation of the store openings. Although the company launched its Indian online store in 2020, it initially planned to open its first retail location in 2021. However, the COVID-19 pandemic forced Apple to delay its brick-and-mortar expansion.
Apple is working with the Indian government to transform the country into a critical global hardware manufacturing hub. It leverages the incentives offered by New Delhi to expand its presence. In the financial year ending in March, Apple exported more than $5 billion worth of smartphones from India, accounting for nearly half of the country’s total exports, as reported by industry analysts.
Collaboration with Manufacturing Partners
Apple’s contract manufacturing partners, Foxconn and Wistron, have ramped up local assembly of iPhones and other Apple devices in recent quarters. According to a report by JP Morgan analysts last year, the company aims to expand its manufacturing capacity in India to produce 25% of all iPhones by 2025.
Apple began manufacturing iPhones in India in 2017, and since then, it has collaborated with suppliers to assemble various iPhone models and produce an increasing number of components. The company stated, “Apple’s work with Indian suppliers of all sizes supports hundreds of thousands of jobs across the country.”
Apple’s expansion in India is enriching lives and empowering people nationwide. The company’s growing commitment to the country is evident through its support for local developers, community investment, and collaboration with suppliers to create jobs. With its first two retail stores opening and plans to increase manufacturing capacity, Apple is poised to significantly impact the Indian economy while fostering innovations that serve humanity.