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- Apple Inc (NASDAQ: AAPL) is attempting to start iPad tablet production in India to boost the exports of computer products in the country, Reuters reports.
- India launched a $6.7 billion plan to boost smartphone exports last year as a part of Prime Minister Narendra Modi’s initiative towards promoting electronics manufacturing and job creation.
- The Indian government will be introducing incentives to drive local manufacturing of IT products, including tablets, laptops, and servers.
- India could offer cash-back to export manufacturers with a budget of up to $964.5 million (Rs 70 billion) over five years under its novel performance-linked incentive PLI scheme.
- Apple and others are pushing for a higher budgetary outlay of $2.75 billion (Rs 200 billion) before that plan is finalized, as India lacks the scale and supply chain for making IT products.
- New Delhi is contemplating another PLI budget of $688.5 million (Rs 50 billion) over five years to boost domestic manufacturing of wearable devices like smartwatches.
- The tech giant had ramped up the production of iPhones in India to reduce dependence on China amidst Donald Trump’s trade war against the country.
- Apple had outsourced the production of iPads to Vietnam and India to mitigate the impact of the trade war and the pandemic.
- Apple will likely have iPad’s assembled by one of its existing suppliers in India as early as this year which might get delayed amidst entry restrictions for Apple’s Chinese supplier BYD Electronic (International) Co Ltd (OTC: BYDIF). That leaves Apple with Foxconn Technology Co Ltd (OTC: FXCOF), Wistron Corp (OTC: WICOF), Pegatron Corp (OTC: PGTRF), and Compal Electronics Inc (OTC: CMPCY) for India.
- iPhone supplier Wistron has resumed operations at a southern Indian plant after a protest from angry workers last year.
- Apple is yet to take the Taiwan manufacturer off the trial.
- Apple’s three suppliers have committed $900 million over five years towards iPhone production in India.
- Price action: AAPL shares were down 1.75% at $128.55 on the last check Thursday.
- Image Courtesy: Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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