Apple has surpassed a significant milestone by reaching Rs 70,000 crore in revenue in India for the current financial year, becoming the second electronics brand to achieve this after Samsung. According to the Economic Times, Apple India crossed $8 billion (Rs 66,000 crore) in sales in February, with sales growing over 40 percent for the second consecutive year.
India has become a crucial market for Apple, both for domestic sales of iPhones and as an export hub for its products. The company’s business activities in India are expected to continue growing at a high double-digit rate for the next few years.
This achievement comes at a time when Apple’s contract manufacturers, including Foxconn, Wistron, and Pegatron, along with Samsung and Dixon Technologies, are set to receive over Rs 4,400 crore in production-linked incentives for meeting targets under the government’s scheme for smartphones. This move aligns with Apple’s strategy of diversifying its supply chains away from China and establishing India as a key manufacturing hub.
As Apple continues to expand its presence in India, the ongoing tussle between Google and Indian app developers has seen some businesses facing a significant impact, with a reported 40 percent decrease in revenue after apps were banned from the Play Store. This issue, along with the government’s support for local developers, highlights the challenges faced by tech companies in the country.
In the financial sector, the banking regulator is considering appointing an administrator for troubled Paytm Payments Bank, potentially canceling its banking permit due to failed due diligence efforts. This decision aims to safeguard the interests of depositors and address concerns surrounding the bank’s operations.
Despite these challenges, Tata Consultancy Services is planning a double-digit revenue growth in the coming year after experiencing a slow pace of growth in 2023-24. The company, led by CEO K Krithivasan, is aiming to rebound and maintain its position as India’s top IT services firm.
Overall, the Indian market presents both opportunities and challenges for multinational companies like Apple, Google, and Tata Consultancy Services. As they navigate the complexities of doing business in India, their strategies and decisions will shape the future of technology and innovation in the country.