14 Apple suppliers have received official approval
Luxshare includes precision companies
Implications of China’s zero covid policy
New Delhi. The government has given preliminary approval to 14 Apple suppliers from China. We tell you that indigenous manufacturing of smartphones is being given a boost in India. This information is known with reference to Bloomberg.
In a report, Bloomberg cited sources as saying that Luxshare Precision and a unit of lensmaker Sunny Optical Technology are among the approved companies.
This approval is seen as a step towards full approval in India, but these suppliers will have to find a joint venture partner in India.
Also Read: These Are Apple’s Most Expensive iPhones, Price Touches Almost 2 Lakhs! Know when the sale starts
India is fast becoming a major iPhone manufacturing hub while corporations are trying to expand their presence in other geographies in what is being called China +1.
Here’s the forecast
According to a forecast by Luke Lin, an analyst at the research unit of Taiwan’s DigiTimes newspaper, India could make one in two iPhones in the world by 2027, compared to the current percentage of less than 5.
Earlier, JP Morgan had predicted that India would account for 25 percent of total Apple iPhones globally by 2025. However, the new forecast is even more aggressive.
China’s zero covid policy regarding Corona has affected Apple’s product production. The iPhone was particularly affected. This happened when Foxconn’s largest assembly plant in Zhengzhou was shut down last November due to the spread of the corona virus.
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Tags: apple, business, China, iPhone, Technology news
First Published: January 18, 2023, 18:28 IST