India Gets Closer To Apple Pact

Apple iPhone To Be Manufactured in India As Apple Plans Manufacturing Unit

NEW DELHI, Jan 19 (Reuters) - Some Indian officials have baulked at Apple's demands for concessions before it assembles iPhones there, raising doubts about a spring deadline to launch a key project in Prime Minister Narendra Modi's campaign to lure foreign investors.

"We will very much like Apple to come and have a base in India", he said, reaffirming government's willingness to see the Cupertino-giant expand its businesses in the country.

Apple has sent a list of demands to the Government of India seeking tax concessions and several other policy exemptions, as necessary pre-requisites before it begin production of its iPhones in India.

According to a report in Economic Times today, the government is reviewing its entire policy on mobile phone manufacturing as part of an effort to promote the "Make in India" initiative which could meet some of the demands made by Apple. Apple had asked for a number of concessions, including a 15-year import duty on iPhone components, manufacturing equipment and consumables.

India is a huge potential market for Apple, with its large population and growing middle class meaning that it is likely to eventually become the company's second biggest market.

Other smartphone-makers who are already manufacturing devices in India include Chinese firm Huawei and Xiaomi but neither of them approached the government for any additional incentives.

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The won climbed as much as one per cent against the United States dollar, while the Malaysian ringgit advanced 0.4 per cent. Meanwhile, US Treasuries rose, pushing yields on the 10-year note eight basis points lower to 2.32 percent.

It is setting up a local manufacturing plant under India's existing rules.

- It also demanded to import defective iPhones to fix and export them again. Apple in a letter to India said that India needs to make an "attractive environment" for it to start manufacturing here.

Apple's products are manufactured in six countries, including Korea, Japan and the US.

It is expected that very soon, Apple might install its manufacturing unit in the silicon city, Bengaluru.

China's labour cost has increased significantly, prompting multinationals' to prefer India, she said.

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