With India hading towards boosting its manufacturing industry, US tech giant Apple is said to be looking for a bigger allocation from the government for the incentives. The Indian government is expected to announce an outlay of Rs7000 Cr to encourage more manufacturers to set up shop in India by the end of the month.
According to a Reuters report, Apple and other US companies are lobbying the government while dangling the prospect of bringing its iPad production to India from China. However, Apple wants the government to raise the allocation by nearly 3X to Rs 20000 Cr. Apple’s supply chain and production in China suffered due to the pandemic last year, as well as sanctions from the US government that increased import tariffs on devices manufactured in China
The company sold over 1 mn devices in India for the first time in a quarter between October and December 2020, driven by sales of iPhone 11 and iPhone XR models. Apple posted an all-time record revenue of $111.4 bn for its entire business. Apple CEO Tim Cook said India was one of the fastest emerging markets for the company though more work needs to be done.