The sales of iPhones in India are running at all-time highs with the annual exports from the country making millions of dollars. Seeing India as a potential growth market and manufacturing hub to boost its operations, Apple’s Ceo Time Cook is all set to visit India next week to inaugurate the first-ever retail stores in Mumbai and Delhi. The inauguration is most likely to take place inside a mall at Mumbai’s Bandra Kurla Complex or BKC and the second Apple store will be opened in Saket, New Delhi. The floodgates for the people would unroll on April 18 in Mumbai, while on April 20 for the Delhi store.
The tech giant persistently trying to establish its presence for the last 7 years has faced several challenges due to India’s strict regulations regarding the foreign investment that restricts global brands to open their own online stores. For a brand to open its own physical outlets, they need to source the majority portion of its goods from within the country. However, in 2020 the Indian government eased these regualtions, paving a way for Apple to enter the Indian Markets. With India leading as the second-largest market of smartphones, and the deteriorating strained relationship of Beijing-Washington, Apple largely sees a huge opportunity to expand its operations in India, reducing its reliance on China.
Push Towards Electronic Manufacturing In India
The Apple CEO, who is visiting the country after 7 years is planning to go bullish on the Indian market by capturing a large share of the Indian market giving a boost to the long-term ambitions of the company. During his visit, he is also expected to meet Prime Minister Narendra Modi, in the purview of discussing the future of Apple’s retail plan for India. Indian government has been pushing for bringing electronic manufacturing in India by offering billion of dollars of incentives to attract Apple’s manufacturing partners like Foxconn technology group.
According to sources, India is most likely to manufacture 45-50 percent of Apple’s iPhones by 2027. The iPhone stores, will be maintained by the company itself. In addition to selling phones, these stores will also educate the customers and users about the phone’s functionality and the new features and products launched by the company. Tim Cook highlighted the importance of the Indian market during an earnings call. He said, “India is a hugely exciting market for us and a major focus. I’m very bullish on India”.
If you liked this article, then do not forget to share it and leave a comment in the comment section to share your thoughts and feedback.
