Wednesday, May 29, 2024

Apple looks to raise India’s production share to 25%: Piyush Goyal

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Fidel Rahmati
Fidel Rahmatihttps://www.khaama.com
Fidai Rahmati is the editor and content writer for Khaama Press. You may follow him at Twitter @FidelRahmati
Representative Image (Photo/Piyush Goyal Facebook)

“There is no other market in the world as large as the India opportunity,” the minister said.

The commerce minister Piyush Goyal stated at a conference on Monday that Apple Inc. wants India to account for up to 25% of its production from the current 5-7%. Apple is continuing to shift its manufacturing away from China.

Piyush Goyal said India is a competitive manufacturing destination. “They already have about 5-7% of their manufacturing in India. If I am not mistaken, they are targeting to go up to 25% of their manufacturing. They launched the most recent models from India, manufactured in India.”

India, he continued, offers the rule of law and transparent government policies and business models, all of which contribute to the country’s appeal to foreign investors.

He added that the Indian economy is now one of the fastest expanding in the world due to government initiatives at a time when developed economies are facing slow down.

He further said, “There is no other market in the world as large as the India opportunity.”

This comes amid China’s Covid-related lockdowns and restrictions on the one hand and rising trade and geopolitical escalating between Beijing and Washington, which have influenced Apple’s plans to move production elsewhere.

Hence, it is estimated that a quarter of all Apple products will be made outside China by 2025, from 5% currently, said J.P. Morgan, reported by economic times.

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