Apple is likely to shift its production from China to India as per the recent meetings between the phone brand’s senior executives and top-ranking government officials, said sources.
According to ET, the American multinational technology company is looking to scale its local revenue to $40 billion over the next five years.
“We expect Apple to produce up to $40 billion worth of smartphones, mostly for exports through its contract manufacturers Wistron and Foxconn, availing the benefits under the production-linked incentive (PLI) scheme,” a senior government official told ET.
Experts opine that if this move happens then Apple would be India’s largest exporter.
“There are some problems with some of the clauses. For instance, valuing the entire plant and machinery already in use in its plants across China and other places at 40% of that value and the extent of the business information sought under the scheme are some of the irritants,” a person said to ET.