Apple, Samsung Harbor India Ambitions, Minister Says

  • An Indian minister disclosed Apple Inc AAPL and Samsung Electronics Co, Ltd SSNLF among companies keen on ramping up electronics production in India.
  • India is seeking to replay and expand its early smartphone success to other product categories, Rajeev Chandrasekhar, India's minister of state for technology, told Bloomberg TV.
  • The South Asian nation is launching a $2 billion plan to boost the local output of laptops, servers, tablets, and other electronics.
  • Also Read: The Great Wall of Apple: Despite Production Shifts, China Remains iPhone Maker's Preferred Partner
  • India's financial incentives for smartphone manufacturing have attracted billions of dollars of handset exports from Apple and Samsung. 
  • The new IT hardware production-linked incentive plan targets Dell Technologies Inc DELLHP Inc HPQ, and Lenovo Group Ltd LNVGY LNVGF.
  • Apple's revenue in India grew by nearly 50% to ~$6 billion through March. India still accounts for less than 2% of the iPhone maker's global revenue during FY22.
  • In April, Apple launched its first local store in Mumbai, followed by New Delhi.
  • Apple tripled its production to over $7 billion iPhones in India in FY22 to reduce its reliance on China.
  • Price Action: AAPL shares traded higher by 0.43% at $175.80 premarket on the last check Friday.
  • Benzinga now provides actionable financial news and trading ideas for the Indian financial markets on
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