21 December, 2016
During his visit, he said that India has the potential to become another giant market for the company, where iPhone sales saw a 50 percent rise.
"Apple wants to emulate its China model in India".
According to The Journal, Apple sent a letter to India's federal government last month, outlining manufacturing plans and asking for financial incentives.
The report further adds that the preliminary discussions come as Indian Prime Minister Narendra Modi tries to push his "Make in India" initiative.
The initiative encourages and incentivizes companies to assemble products in India by giving tax breaks and other benefits to companies. Apple previously and unsuccessfully tried to get an exemption from the requirement, which are sometimes available to "state of the art" and "cutting edge" products.
Foxconn has been planning to build multiple iPhone manufacturing plants in India, but has not been confirmed by either company.
At present, Apple does not have a wholly-owned store in India and sells its products through distributors such as Redington and Ingram Micro.
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Local manufacturing would help Apple open retail stores in the country where its iPhones account for under 2% of Indian smartphones sales. The iPhone maker Foxconn also has factories in India where it assembles smartphones for Xiaomi, InFocus, Nokia and others.
Over the past few years, the demand for iPhones has drastically increased.
Apple will probably sell off its inventory of older iPhones, mainly the 16 GB versions, by pricing the newer ones very high.
In China, where Apple is performing better, but still not satisfactorily, efforts have also been made throughout 2016.
According to Zauba.com, accessories boxed with the iPhone are taxed separately, and only previous year, taxes in India were more than double of the custom duty paid for the iPhones at 28.85%.
"We still believe we're just kind of scratching the surface there", said Tim Cook talking about the India's Smartphone market.