APPLE TO SHIFT PRODUCTION FROM CHINA TO INDIA

After the Coronavirus outbreak, which originated from Wuhan, brought the majority of the world under a lockdown, many companies have been trying to move their production units from China. As per a report, Apple is also planning to shift 20 percent of its production from China to India.

The move also comes after the Indian government recently announced new production-linked incentives (PLI) scheme to encourage local production in the country.

Last month, Japan also announced $2.2 billion in monetary support for its business to shift their productions out of China, according to a BloombergQuint report.

As of now, Apple contracts manufacturers, Foxconn and Wistron, for the production of its devices in India. Per ET, Apple is looking to scale its local revenue to $40 billion in India over the next five years.

Notably, the plans for increased production of Apple devices in India will be only for export purposes.

Apple is also reportedly going to open its retail store in India soon. It is likely to be located in Mumbai’s Maker Maxity mall in Bandra Kurla Complex. This store in Mumbai is planned to be the largest store in India. It is apparently three times the size of the largest franchisee store by Flagship Apple Premium Reseller, which was opened in August 2019 is spread across two floors in Mumbai’s High Street Phoenix mall.