MOSCOW, September 25 (Sputnik) – US technology company Apple is planning to increase its production in India fivefold to about $40 billion in the next 4-5 years, the Press Trust of India (PTI) news agency reported, citing government sources.
“Apple has plans to increase production in India to over USD 40 billion in the next 4-5 years. It has crossed USD 7 billion in the last fiscal,” an unnamed official was quoted as saying by PTI on Sunday.
In early December 2022, media reported that Apple had accelerated the transfer of some of its production out of China and asked suppliers to more actively plan to assemble its products in other Asian countries, particularly India and Vietnam.
Apple was also reportedly seeking ways to reduce its dependence on Taiwanese assemblers led by Foxconn Technology Group. The moves were believed to be in response to unrest at the iPhone factory in the Chinese city of Zhengzhou.