Apple CEO Tim Cook has highlighted India as a crucial market and production base for the tech giant. In a conference call following the unveiling of earnings, Cook and his team mentioned India around 20 times, reflecting the country’s growing importance to the company’s overall growth. Cook emphasised India’s potential, saying: ‘There are a lot of people coming into the middle class and I really feel that India is at a tipping point. And the dynamism in the market. The vibrancy is unbelievable.’
The company recently opened its first two retail outlets in India and has seen record sales for a March quarter in the country. Although Apple doesn’t break out revenue figures for India, Bloomberg News has reported that the company posted almost $6 billion of sales there in the year through March.
Apple is eager to tap into India’s immense labour pool and rising incomes that are boosting consumer spending. As smartphone sales plateau elsewhere in the world, India’s 1.4 billion population offers significant opportunities for growth. Furthermore, the company is exploring ways to reduce its reliance on China amidst escalating tensions between Beijing and Washington.
Overall, Apple’s focus on India highlights the country’s growing significance in the global technology landscape. As India continues to develop economically and technologically, it is set to become an increasingly vital market and production hub for tech companies looking to expand their reach.
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