RT.com
24 Jan 2023, 04:13 GMT+10
Apple is set to shift its production away from China following Covid-related disruptions at its main assembly plant
Apple is looking to scale up its manufacturing in India as the iPhone maker continues to move its production away from China, Commerce and Industry Minister Piyush Goyal said on Monday.
The tech giant wants India to account for up to 25% of its production from the current 5% to 7%, according to Goyal, who called Apple "another success story" as he talked up the advantages of doing business with the world's fifth-largest economy.
He didn't specify when Apple wants to meet the target but noted that "they launched the most recent models from India, manufactured in India."
Last year, Apple began production of its flagship iPhone 14 in India. It was the first time the tech giant had produced its latest model in India so close to its launch. Apple has been manufacturing iPhones in the Asian country since 2017, first with Wistron and later with Foxconn, the main assembler of iPhones, in line with the Indian government's push for local manufacturing.
India's Information Technology Minister Ashwini Vaishnaw tweeted on Monday that Apple's exports from India hit $1 billion in December.
The California-based tech giant has been looking to diversify production away from China, where it currently assembles the bulk of its iPhones, following major disruptions at the iPhone factory in Zhengzhou, where hundreds of workers joined protests related to strict Covid-19 regulations.
JP Morgan analysts estimated last September that a quarter of all Apple products would be made outside China by 2025. Last year, Reuters reported citing sources familiar with the matter that Foxconn plans to quadruple the workforce at its iPhone factory in India over two years.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Broadcast Communications news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Broadcast Communications.
More InformationNEW YORK, New York - Stocks ended sharply higher on Tuesday following mixed comments by Federal Reserve Chairman Jerome Powell.Powell ...
NEW YORK CITY, New York: The Wall Street Journal reported this week that the US Federal Trade Commission is preparing ...
VEVEY, Switzerland: In an interview with Frankfurter Allgemeine Zeitung this week, Nestle's Chief Executive Mark Schneider said the world's largest ...
WASHINGTON D.C.: Despite the efforts of the Federal Reserve Bank to cool the job market to help curb record-high inflation, ...
NEW YORK, New York - A sharp rise in U.S. Treasury yields kept buyers at bay on Wall Street on ...
WASHINGTON D.C.: A report released this week detailed how, in January, layoffs in the US reached a more than two-year ...
Yaounde, Cameroon - Authorities in Cameroon say 27 people, including senior police officers and a well-known media mogul, have been ...
Moscow is using ?manipulation and interference as a crucial instrument? during the Ukraine conflict, the EU's top diplomat claimsThe EU's ...
Sydney - Australian Trade Minister Don Farrell has been invited to China, boosting hopes that sanctions and tariffs on Australian ...
Islamabad [Pakistan], February 7 (ANI): Pakistan has lifted the ban on the online encyclopedia, Wikipedia after the country's Prime Minister ...
Guwahati (Assam) [India], February 6 (ANI): The first Youth20 (Y20) Inception Meeting under the G20 started in Guwahati on Monday. ...
New Delhi [India], February 5 (ANI): The government policies for online gaming service providers and intermediaries are aimed at ensuring ...