Apple CEO Tim Cook met with Indian Prime Minister Narendra Modi on Wednesday to discuss investment opportunities in India, the world’s second-largest smartphone market. Cook’s visit to India included the opening of Apple’s first retail store in Mumbai on Tuesday, with another store set to launch in Delhi on Thursday. In a tweet, Cook expressed his commitment to investing across the country and thanked Modi for the warm welcome. The two leaders exchanged views on diverse topics, with Modi highlighting the tech-powered transformations taking place in India.
Apple is looking to replicate the success it experienced in China over the past 15 years by expanding its presence in India. With a growing middle class, India’s massive market presents an opportunity for the tech giant to power sales growth and potentially make it a home base for the production of millions of Apple devices. Cook, whose company achieved nearly $6 billion in sales for the year ended March 31, met with Union Minister for Electronics and Information Technology Ashwini Vaishnaw and Minister of State Rajeev Chandrashekar during his visit.
During his meetings with the ministers, Cook sought government support to bring the component ecosystem to India and expressed his satisfaction with the government’s support of the tech industry in India. Apple is also looking to train app developers in India and has established an accelerator in Bangalore. The company has created more than 100,000 jobs in India over the past two years and plans to double that number soon.
Despite Apple’s success in other parts of the world, the company commands a small base of just 4% of India’s nearly 700 million smartphone users, which is currently dominated by cheaper local brands, as well as Chinese and South Korean manufacturers. In contrast, Apple did $74 billion in sales in China, Hong Kong, and Taiwan in fiscal 2022, which accounted for about 18% of its total revenue during the period. As Apple continues to invest in India, the company will likely look to increase its market share in the country and tap into its potential as a manufacturing hub.
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