Apple, Samsung Harbor India Ambitions, Minister Says

Author: Anusuya Lahiri | May 19, 2023 07:32am

An Indian minister disclosed Apple Inc (NASDAQ:AAPL) and Samsung Electronics Co, Ltd (OTC:SSNLF) among companies keen on ramping up electronics production in India.
India is seeking to replay and expand its early smartphone success to other product categories, Rajeev Chandrasekhar, India's minister of state for technology, told Bloomberg TV.
The South Asian nation is launching a $2 billion plan to boost the local output of laptops, servers, tablets, and other electronics.
Also Read: The Great Wall of Apple: Despite Production Shifts, China Remains iPhone Maker's Preferred Partner
India's financial incentives for smartphone manufacturing have attracted billions of dollars of handset exports from Apple and Samsung.
The new IT hardware production-linked incentive plan targets Dell Technologies Inc (NYSE: DELL), HP Inc (NYSE: HPQ), and Lenovo Group Ltd (OTC: LNVGY) (OTC: LNVGF).
Apple's revenue in India grew by nearly 50% to ~$6 billion through March. India still accounts for less than 2% of the iPhone maker's global revenue during FY22.
In April, Apple launched its first local store in Mumbai, followed by New Delhi.
Apple tripled its production to over $7 billion iPhones in India in FY22 to reduce its reliance on China.
Price Action: AAPL shares traded higher by 0.43% at $175.80 premarket on the last check Friday.
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