Apple plans to invest $1 billion in India through partners
Union minister for Electronics and Information Technology Ravi Shankar Prasad announced on Monday that Apple Inc is on board as far as India's success story is concerned and that its manufacturing investment in the country so far is only the "tip of the iceberg". The Silicon Valley giant is now ready to back him up with fresh investment commitment totalling over Rs 7,000 crore.
"Apple will be investing $1 billion in India through its partners. They have said the production will be used for meeting the demand for its products across global markets," an official source told The Times of India. Speculation is rife that the behemoth is now planning to begin export of 'Made in India' iPhones across the world. This development comes amid the escalating US-China trade war, prompting companies which are heavily dependent on China-based manufacturing to set up alternative supply chains.