Apple registers double digit growth in the world’s third biggest smartphone market

The company is eyeing more tax incentives as it positions itself for deepening its market penetration in India.

When Apple’s CEO Tim Cook met Indian Prime Minister, Narendra Modi, at a business summit in Washington he took the opportunity to highlighted the economic impact Apple has had on the Indian economy as he tries to push for a deeper market access to the world’s third-largest smartphone market.

Cook is targeting at increasing the footprint of its flagship smartphone in the burgeoning Indian market following a diminished sales in China.

The company has asked the Indian government for a range of tax and policy changes to help it assemble its iPhones in the country. It is also requesting permission to open its own retail stores in the country where it currently sells its iPhones through resellers.

As per a source familiar with the discussion at hand, during his meeting with Modi, Cook stated that it expects its Indian operations to run completely from renewable energy sources within the next 6 months.

Cook reiterated the fact that Apple had generated 740,000 jobs in India through its “app economy” with Indian developers creating as many as 100,000 apps for its App Store, said a source.

Last month, Apple began working with Winstron, a contract manufacturer, to assemble the iPhone SE in Bengaluru. Indian authorities have offered Apple tax concessions for the work with a rider that more local components be used over time.

Apple’s sales in China have fallen by more than 14% year-on-year.

Although it did not disclose the quantum of its revenue generation in India, it however stated that sales grew by “strong double digits” during the most recent quarter.

“We have a ton of energy going into the country on a number of fronts,” said Cook to analysts on Apple’s performance in India during the company’s most recent earnings call.

“We believe, particularly now that the 4G infrastructure is going in the country and it’s continuing to be expanded, there is a huge opportunity for Apple there.”

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