IPhone sizeable manufacturing to move to India from China |
The ongoing COVID 19 pandemic has shook the world and major economies across the globe have been humbled. With China being the epicentre of the outbreak, most of the global hardware and technology companies are rethinking their business plans. To get the best of the opportunities, Indian government is coming up with lucrative incentives to attract them with the help of various state governments. US-based Apple is reportedly planning to shift one-fifth of its iPhone manufacturing facilities to India. For the last few months, top company officials have met bureaucrats multiple times and are in the final stages of talks. There are some pending issues related to India`s Production-Linked Incentive scheme that offers incentives to large production companies. Once the negotiations get cleared, Apple will soon give nod to its supply partners Wistron and Foxconn to mass-produce iPhones not just for the local consumption, but also to export them to overseas markets. If things fall into place, Apple can make $40 billion worth business with just exports alone within the next five years. It will be the single biggest company to do so in India. As of now, Apple has a minuscule 2% share of the overall Indian phone market in terms of sale of units, but the revenue-wise, it makes pretty good compared to market leaders.
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