Apple is reportedly planning to double or triple its investment in India, according to the nation's Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar. This move follows the recent announcement of a production-linked incentive (PLI) scheme for local manufacturing by the Indian government.
The Cupertino-based tech giant has been working with suppliers like Foxconn and Wistron to expand its presence in India. Its main objective is not only to reduce dependence on China but also to capitalize on the growing smartphone market within India. According to Chandrasekhar, Apple will play a significant role in promoting exports from India while simultaneously increasing local production.
India's PLI scheme offers financial incentives for companies that invest in domestic manufacturing as part of an effort to make the country a global electronics hub. Apple has already begun taking advantage of this initiative by producing iPhone SE, iPhone XR, and iPhone 11 models locally through its partners, Foxconn and Wistron.
Apart from boosting exports and supporting local manufacturing facilities, Apple's increased investment will create more job opportunities within the country. The Indian government aims to generate over one million direct employment opportunities through its PLI scheme alone. With Apple looking forward to expanding its operations further across different states within India, it can significantly contribute toward achieving these goals.
Apple's decision to ramp up investments in India highlights its confidence in both the nation's potential as an electronics manufacturing hub and its growing consumer base eager for high-quality smartphones. As they strengthen ties with local manufacturers under such initiatives as PLI schemes offered by Indian authorities – offering financial benefits along with increased growth – it becomes evident how global tech giants are increasingly recognizing opportunities presented by emerging markets like India.