Apple CEO Looks To Gain Greater Access In India
In a meeting with India’s Prime Minister Narendra Modi, Apple CEO Tim Cook emphasized on the company’s interest to get more access in India and highlighted the economic impact the company is having on the third-largest smartphone market behind the US and China.
Cook met Modi at a business summit in Washington at a time when its revenue is squeezing out in China and the iPhone maker is looking at leveraging the Indian market for higher sales. Cook also brought to the front that Apple expected its Indian operations to run completely from renewable energy within the next six months, a person familiar with the matter said, reports Reuters.
Modi met Cook and other US corporate leaders ahead of a meeting with President Trump on Monday.
The Cupertino giant is in talks with Indian government officials for alterations in a range of tax and policy to facilitate its iPhone assembly work in the country.
In India too, Prime Minister Narendra Modi is trying to boost technology manufacturing through his ‘Make in India’ initiative started in 2014. The government currently imposes heavy taxes on electronic products like smartphones imported to India to encourage local production.
Cook mentioned that smartphone vendor had generated 740,000 jobs in India through its “app economy” and Indian developers has generated nearly 100,000 apps for the App Store, the person said.
Apple’s contract manufacturer Wistron, has started assembling the iPhone SE in Bengaluru last month. Indian authorities have offered tax concessions for the work encouraging more local components to be used over time.
Earlier this year, Apple went to seek the government’s permission to sell refurbished iPhones in India. The Indian government, however, rejected the proposal, saying refurbished and old electronic products significantly add up to electronic waste.
Much of Apple’s products are manufactured in China by Foxconn, even though, Foxconn has factories in Southern India and it already assembles smartphones for many brands, including Nokia and Xiaomi, among others.
Apple is trying harder to garner greater revenue from India, after its sales dipped in the greater China region by 14 percent y-o-y to $10.7 billion in the most recent quarter.
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