At its earnings call earlier today, Tim Cook praised the economic reforms that were unveiled by the Indian government that aids business development in the country.
Cook said that thanks to the economic reforms, India — the third largest smartphone market in the world — provides it with a “very good business environment” in the future.
“So it’s a very rapidly expanding country. And I think the government in India is very interested in economic reforms and so forth that I think all speak to a really good business environment for the future,” Cook said on an investor call.
Cook said that Apple’s revenue in India increased by 38 percent, with iPhone sales growing by a staggering 76 percent. The CEO promised that Apple is focusing on “putting increasingly more energy in India” and will continue to invest in the country in the long-term.
When launched initially, the iPhone 6s and iPhone 6s Plus prices were among the highest in the world in India. However, due to the lukewarm response, Apple was forced to cut prices. To further increase the sales of the handsets in the country, Apple started a huge marketing push and also launched a trade-in program for the first time in the country.
Apple recently sent a letter to the Department of Industrial Policy and Promotion (DIPP) asking for approval to setup its direct retail outlets in India.
The CEO of Apple also added that he sees India “quickly becoming the fastest growing BRIC country.” With the U.S. smartphone market saturating, it is, thus, not a surprise to see Apple focus more on India to further fuel its growth.
[Via Economic Times]
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