Apple Plans To Invest $1 Billion To Boost Local Manufacturing In India: Report

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After announcing its plan to set up dedicated stores in India, Apple is reportedly planning to invest $1 billion to expand its local manufacturing in the country. The move comes at that time when both the US and China are indulged in a trade war, reports Times of India.

Apple Plans To Invest $1 Billion To Boost Local Manufacturing In India

 

According to the report, this is a part of Apple's strategy to export 'Made in India' iPhones across the world. "Apple will be investing $1 billion in India through its partners. They have said the production will be used for meeting the demand for its products across global markets," an official source was quoted by TOI.

The report notes that the contract manufacturer Foxconn is partnering with the iPhone maker to assemble phones in the country. Foxconn will use its Chennai factory to develop Apple's products. Also, other component suppliers of the company will invest in India to ramp up the scale of local manufacturing.

Earlier, TechCrunch reported that the Apple products are likely to get costlier, due to this ongoing trade war. It is worth mentioning that the company is already assembling iPhones in India in partnership with Wistron in Bengaluru. "The testing is underway for the products that have been made in India and iPhone maker is seeking clarity on export incentives that government currently offers," a source was quoted by TOI.

Our Take

The new move will help Apple gain more market share in the premium segment in India. There are also chances that the company will design products especially for Indians, which means they can be priced as per the market standards. On the other hand, Apple is planning to open two to three stores in India. So, this will help the company to achieve 30 percent local sourcing norms.

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