Apple Anticipates India Production Share To Rise 25% In Attempt To Diversify Base Beyond China

Apple Inc AAPL wants India to be responsible for up to 25% of its production from the present 5%-7%, the trade minister recounted.
Minister Piyush Goyal emphasized Apple launching the most recent models from India, manufactured in India, Reuters reports.
This January, multiple of Apple's Chinese suppliers won initial clearance from India to expand as the iPhone maker strived to diversify its assembly network beyond China.
AirPods and iPhone assembler Luxshare Precision Industry Co and Sunny Optical Technology (Group) Co Ltd SOTGY lensmaker unit were among the companies that bagged approvals.
India aims to raise its stock amid China's pandemic crisis and geopolitical tensions with the U.S.
The Indian government has doled out financial incentives and government support for companies' expansion projects.
Apple also started hiring retail store workers in India with room for more as it eyed its flagship location debut in the promising smartphone market by this quarter.
Apple aimed to diversify manufacturing from China and add momentum to its nascent production operations in India.
"Since the pandemic, the number of iPhones sold in India has almost doubled," said Counterpoint's Neil Shah.
Price Action: AAPL shares closed higher by 1.92% at $137.87 on Friday.

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