In May, India achieved a significant milestone with iPhone exports reaching a record ₹10,000 crore, contributing to a total of ₹12,000 crore in smartphone shipments from the country.
During the first two months of the current fiscal year (April and May), smartphone exports exceeded ₹20,000 crore, more than double the amount of ₹9,066 crore recorded in the same period last year, as reported by the India Cellular and Electronics Association, as cited by The Economic Times. Apple played a crucial role in driving this growth.
According to the report, Indian officials are optimistic that Apple’s increasing involvement in the country can serve as a model to encourage other US companies, including Tesla, to relocate their supply chains to India.
The majority share of smartphone exports from India, accounting for 80 per cent, consists of iPhones, with Samsung phones from South Korea and some local brands making up the remaining portion.
Prime Minister Narendra Modi’s upcoming visit to the US from June 21 to 24 is expected to enhance partnerships with other US brands. The government aims to persuade these companies to shift their supply chains to India, with a focus on semiconductors, electric vehicles, and other sectors.
Meanwhile, there are indications of a potential improvement in US-China relations as US Secretary of State Antony Blinken is visiting China. The US official met with Chinese Foreign Minister Qin Gang and plans to meet Chinese President Xi Jinping as well.
However, Apple has been gradually diversifying its supply chains away from China, and India is among the primary options being considered by the Cupertino giant. Geopolitical tensions between the US and China, combined with India’s smartphone production-linked incentive (PLI) scheme, have influenced Apple’s shift in focus towards India.
Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.
from Firstpost India Latest News https://ift.tt/ZEyu0A8
Comments
Post a Comment