This story was first published on the Benzinga India Portal.
India’s Prime Minister Narendra Modi believes that U.S. companies looking to move their global manufacturing supply chains to the South Asian country isn’t a conscious move to upend China but simply “India gaining its rightful position in the world.”
What Happened? In an interview with the Wall Street Journal, Modi clarified that India’s rise as a destination for global manufacturing is not about supplanting any country.
The Prime Minister acknowledged that the world is more interconnected and interdependent than ever before. To build resilience in this context, Modi advocated for increased diversification in supply chains.
Setting the context: Amid increasing geopolitical tension and the urgent need for supply chain diversification for global companies, India is emerging as a promising destination for multinational corporations. Among the frontrunners capitalizing on this shift is tech giant Apple Inc, which, along with supplier Foxconn, is making significant new investments in southern India.
The states of Karnataka, Telangana, and Tamil Nadu are witnessing an expansion of iPhone production facilities, a testament to India’s growing prominence in the global manufacturing landscape.
Apple’s iPhone exports from India reportedly surged to $1.2 billion this year. In April and May 2023, smartphone exports crossed $1.46 billion, more than double $1.05 billion in the same period last year, according to data provided by the India Cellular and Electronics Association.
The export of Apple iPhone from India escalated nearly four times to cross $5 billion in FY2023 as the company ramped up local production of its devices.
Image and article originally from www.benzinga.com. Read the original article here.