US companies to invest $45 billion more in India

Jun 8, 2016 0

Washington– Members of the US-India Business Council have already invested $28 billion in India since September 2014 and investment of another $45 billion is in the pipeline, council Chairman John Chambers told Prime Minister Narendra Modi here.

“In September 2014, the USIBC members indicated an investment figure of $41 billion that was likely to be invested over a 2-3 year period. Today, I’m happy to announce that in less than two years, about 20 percent of the USIBC members have already invested $28 billion,” Chambers said.

John Chambers

John Chambers

“In the next 2-3 years, we will see this pace accelerating — with indications that USIBC members are on track to invest an additional $45 billion, which is a conservative estimate,” he added.

Chambers met Modi just after his roundtable with the USIBC members, which included the top brass of companies like PepsiCo, Master Card, Warburg Pincus, Lockheeed Martin, Boeing, Westinghouse, Intelsat, Emerson and 8Minute Energy.

The prime minister also presented the USIBC Global Leadership Awards to Dilip Shangvhi of Sun Pharmaceuticals and Jeff Bezos of Amazon.

Speaking after receiving the award, Shangvhi said the US is the largest market for his company, and that almost 50 per cent of Sun Pharma turnover is in the US.

“We have invested close to $4 billion in the US and we continue to invest both in manufacturing, infrastructure as well in R&D. Out of $450 million we will spend on R&D, $200 million will be spend in the US,” he said.

Bezos said Amazon.com had pledged another investment of $3 billion in India.

“We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy,” Bezos said.

According to Vikas Swarup, spokesperson of India’s Ministry of External Affairs, the prime minister outlined the strengths of the Indian economy and its talented workforce to the chief executives of the American companies and discussed with them the prospects vis-a-vis solar energy and digital connectivity.

At a gala in his honour later, Modi lauded the contribution of the Indian diaspora in the US and said a partnership between the American capital and innovation and Indian human resource and entrepreneurship can prove a powerful combination.

He also emphasised that emerging economies also have a legitimate wish list for the rich nations.

“It is very important for us that developed countries also open their markets, not only to goods from countries like India but also to services,” said Modi.

“India is much more than a market. India is a reliable partner. It is a source of high quality scientific, engineering and managerial talent,” he said. “We are encouraging foreign and domestic investors to set up high-quality and efficient manufacturing facilities.”

On his part, Modi also promised disciplined macroeconomic policies, gender justice and empowerment, social security net and inclusive growth, while assuring that major steps have been taken to curb corruption, which was one of the main concerns and constraints in India.

“This brings me to an achievement that I think even our worst critics do not dispute,” he said at the event, where a host of top US political figures joined the business leaders to toast Modi. (IANS)

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Modi, Obama hit one for the road, partners in defence

Jun 8, 2016 0

By Arun Kumar

Washington– Call it President Barack Obama’s desire to seal his legacy or the Trump effect, as some pundits would have it, he and Prime Minister Narendra Modi celebrated his fourth visit to the US in two years with a flurry of agreements, including one in which the US commits itself to sharing defence technology with India “to a level commensurate with that of its closest allies and partners”.

Modi-Obama-DC-latestThese ranged from climate change to the vexed civil nuclear deal to US recognition of India as a major defence partner to a call on Pakistan to bring the perpetrators of the 2008 Mumbai and 2016 Pathankot terrorist attacks to justice.

Marking a big upswing in India-US relations in the last two years, the upshot of Modi’s tête-à-tête with “my friend Barack” at the White House Tuesday was that the “good story continues” in the words of Foreign Secretary S. Jaishankar.

Some icing on the cake came ahead of the third major Modi-Obama summit with reports that none of the 34 current members of the Missile Technology Control Regime (MTCR) had objected to India’s entry to the exclusive club by Monday’s deadline.

Jaishankar would not go beyond saying that India had indeed applied for entry into MTCR, but the joint statement noted “the leaders looked forward to India’s imminent entry” into the club.

Beijing is not a member of MTCR, but it is standing in the way of India’s entry into another exclusive club, the Nuclear Suppliers Group (NSG), at the behest of Pakistan.

And though the membership of the two clubs is not directly linked, if India was found good for entry into one non-proliferation regime, it should be good for the other too, Jaishankar suggested.

Prime Minister Modi with US Secretary of Defense

Prime Minister Modi with US Secretary of Defense

Fresh from garnering support for India’s membership of NSG from Switzerland ahead of a meeting of the Group later this month, Modi thanked Obama for backing New Delhi’s bid for both the MTCR and NSG clubs.

On climate change, the joint statement said “both countries are committed to working together and with others” for the ratification and full implementation of the Paris Agreement “as early as possible.”

US officials suggested that like the US, India had agreed to join the Paris agreement “this year.” But the Indian side stuck to the formulation in the joint statement saying, “India similarly has begun its processes to work toward this shared objective.”

The New York Times suggested that would-be Republican nominee “Donald J. Trump can claim at least some of the credit” for the Modi-Obama understanding on the Paris climate agreement.

Since Trump has vowed to “cancel” the Paris agreement if elected, Obama is working hard to ensure that it becomes binding before he leaves office next January.

Once the accord enters into legal force with at least 55 countries representing 55 percent of global emissions formally joining, no nation can legally withdraw for four years, it said.

On his part, “Modi wants to get as much as he can out of Obama’s last months in office,” the Times cited Ashley J. Tellis, a senior associate at the Carnegie Endowment for International Peace, as saying.

The announcement that India will buy six nuclear reactors from Westinghouse by June 2017 under the stalled India-US civil nuclear deal signed in 2005 also removes another irritant in India-US relations.

And US recognition of India as a Major Defence Partner to facilitate “technology sharing with India to a level commensurate with that of its closest allies and partners” marked another milestone in the growing US-India defence relationship.

The understanding would give India “license-free access to a wide range of dual-use technologies in conjunction with steps that India has committed to take to advance its export control objectives.

But another important dimension of Modi’s June 6-8 visit would unfold Wednesday with an address to a joint meeting of the US Congress eleven years after Washington revoked his visa under a law passed by that very body. (IANS)

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News Analysis: So, was it all only about Apple Apps and Maps, Mr Tim Cook?

May 22, 2016 0

By Nishant Arora

New Delhi– He came. He saw. But Apple CEO Tim Cook is yet to get the biggest bite into the huge consumer base in the country, of which every tech player — from China to Korea to Taiwan — is trying to get a bigger share.

If we look at why, in the first place, Cook came to India in this sweltering heat, it would not be wrong to interprete his first visit to the country as an exploratory mission rather than as one with a clear-cut investment agenda.

Tim Cook

Tim Cook

First, during his four-day “encrypted” trip Cook did not specify the amount the $233 billion-rich Apple would invest in India, unlike in China where it announced to invest $1 billion in Chinese ride-hailing service Didi Chuxing — a rival to Uber.

The Cupertino, California-based tech giant announced its first development centre in Hyderabad to work on Apple Maps. Earlier, Cook revealed an app design and development centre in Bengaluru that will support the Indian developers creating mobile apps for its iOS mobile platform.

Both announcements were grand but came without any investment figures.

In his much-awaited meeting with Prime Minister Narendra Modi, the 55-year-old Apple head stressed the possibilities of manufacturing and retailing Apple devices in the country. Again, nothing concrete was given out except “sharing Apple’s future plans for India” and appreciation for “the breadth of young talent in the country”.

While Apple iPhones’ sales grew nearly 56 percent in India in the second quarter of this year from the year ago period, data compiled by market research firm CounterPoint Technology revealed that south Korean smartphone maker Samsung sold in India more phones than Apple in the premium category (Rs.30,000 and above) in 2015-16.

According to the report, Samsung’s share in the premium smartphone segment was 47 percent while Apple came second at 45 percent.

Looking pretty aware of these facts, Cook played his future cards as he met some key telecom players like Sunil Mittal, chairman of Bharti Airtel, one of India’s leading telecommunication companies which was the first to launch 4G in India and is set to offer the service countrywide.

Bullish on India’s upcoming 4G revolution, Cook told an Indian TV channel that 4G is critical for India’s progress — thus setting up the roadmap for a possible alliance with some big players to help Apple open more retail stores in the country.

He also revealed his plans to soon bring to India Apple Pay — a mobile payment and digital wallet service that lets users make payments through Apple devices, a convenient way to make cashless payments.

Amid all the media hype, Apple’s long-standing query to allow it to import and sell refurbished iPhones at a cheaper price in India was almost left unanswered at the highest levels. Rather, Prime Minister Narendra Modi reportedly asked Cook to come and manufacture iPhones here.

So, apart from seeking blessings from Ganesha at Mumbai’s famous Siddhivinayak temple, meeting Bollywood biggies at the dinner superstar Shah Rukh Khan hosted at his residence ‘Mannat’, and watching an Indian Premier League (IPL) cricket match at Kanpur, what did Cook finally garner in these four days?

“I will call it a great exploration effort, and do not see any immediate results. Yes, I find Cook’s meeting with the Reliance Jio team the most significant one as they are the biggest 4G player in the country at the moment,” says Vishal Tripathi, research director at global market consultancy firm Gartner.

“I won’t call his visit a ‘wow factor’ at this moment. Even for the Maps facility, Apple has outsourced it to a Noida-based firm,” Tripathi told IANS.

For the Maps development centre, Apple has partnered with Noida-based RMSI, a leading IT services player that offers GIS, analytics and software services.

According to Faisal Kawoosa, lead analyst with CyberMedia Research (CMR), a nod to import and sell refurbished iPhones at a cheaper price would have had put Apple in a very advantageous position in the country.

“At a time when its revenues have taken a hit globally, selling its products in mid- and low-price segment would give the company an upper hand,” he told IANS.

So, a fullfledged Apple manufacturing unit in India appears quite far off at the moment. “As of now, we understand it [the visit] was more of bringing research and development into the country,” Kawoosa added.

So, this then is the reality: Philosophically, Cook has taken with him a sense of belonging and a commitment to be in the country for the next thousand years. But on the material level, long wait must follow till he returns to India with a big announcement — in all probability during a cool, bearable weather. (IANS)

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Apple CEO touched by Indians’ warmth, opens facility in Hyderabad

May 19, 2016 0

Hyderabad–Apple Inc CEO Tim Cook, on the second day of his India visit on Thursday, inaugurated the tech giant’s development centre here and visited a women’s college, while admitting he was impressed by Hyderabad’s culture and history and had already fallen in love with the city.

Tim Cook-FacilityCook, who flew in from Mumbai on Thursday morning, opened the facility which will focus on development of maps for Apple products like iPhone, iPad, Mac and Apple Watch.

The investment will accelerate maps development and create up to 4,000 jobs, the company said. It, however, did not reveal the investment made and other details.

The facility has come up on leased space at WaveRock complex at Nanakramguda in the IT corridor. It will provide a world-class, LEED-certified home for the Maps team.

Telangana’s Information Technology Minister K. T. Rama Rao requested Apple to set up their permanent campus in Hyderabad and also consider the state as its partner when they eventually decide to manufacture mobile phones.

Chief Minister K. Chandrasekhar Rao, who inaugurated the facility along with with Cook, assured all support for Apple’s future endeavours.

For the map development centre, Apple has partnered with Noida-based RMSI, a leading IT services player that offers GIS, analytics and software services.

Rama Rao later tweeted: “Hyderabad becomes home to the largest tech development centre of Apple Inc outside of US.”

“With Apple, Hyderabad now is proud to be home to 4 of the top 5 most valued tech companies’ largest office outside USA: Google, MS & Amazon.”

Cook described the warmth of people in India as unparalleled and said he liked the vibrancy of its people and has already made some lifelong friends here.

“The main thing I have learnt about India is the warmth of people. It is unparalleled unlike any country I have ever been to, including my own.

“I travelled to India this week to learn about the culture, learn about the people and learn how business is done. I have learnt a lot about all those, I still have a lot to learn. But most of all, I will leave India inspired. I am deeply inspired by the vibrancy of the people that I have met, the energy enthusiasm and incredible talent,” he said.

The Apple CEO, who was in Mumbai on Wednesday, said it was an unbelievable day and that he has already made some lifelong friends.

Addressing Chandrasekhar Rao as “KCR”, Cook remarked: “I love the informality and I can tell you already I love Hyderabad.”

He said he took a tour and has already picked up how rich Hyderabad is in culture, history and tradition.

Cook told the gathering that he also found there were various technologies here even in very early days. “I think history is repeating here,” he said.

He said Apple had always been about creating the very best products in the world. “We always like to do products that enrich other people’s life because we are driven as a culture by changing the world, changing it for the better,” he added.

“We are honoured to be here. We hope to be a key partner of the community here and hope for lifelong friendship together,” said the Apple CEO amid thunderous applause by the company employees and state officials.

“The talent here in the local area is incredible and we are looking forward to expanding our relationships and introducing more universities and partners to our platforms as we scale our operations,” added Cook who later visited G. Narayanamma Institute of Technology and Science for women, where he inaugurated a computer centre for which also Apple signed an MoU for training the students.

A group of 45 students will be trained in fusion technology used in map development and some of these may later be absorbed in the company.

Before inauguration of the facility, Cook had a meeting with the chief minister. Rama Rao, who is the chief minister’s son, IT Secretary Jayesh Ranjan and a few top officials were also present.

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Karnataka backs Apple startup accelerator in Bengaluru

May 19, 2016 0

Bengaluru– Karnataka on Thursday assured Apple Inc full support in setting up its first application design and development accelerator in this tech hub.

“On behalf of the state government, I assure you full cooperation and support to the Apple startup accelerator,” Large & Medium Industry Minister R.V.Deshpande said in a letter to Apple chief executive Tom Cook, who is currently visiting India.

Tim Cook-HyderabadNoting that the startup would give Indian IT professionals a boost to be part of Apple’s global programme and innovation, he said he was looking forward to the US multinational technology firm to make more investments in India, especially in Karnataka.

Expressing disappointment over Cook skipping Bengaluru during his current visit, Deshpande hoped the chief executive would first land in the tech city during his next visit and then go to other parts of the country.

“I look forward meeting you during your next visit to Bengaluru. Alternatively, I will be happy to meet you at your convenience,” he said in the letter.

Cook, who is on a maiden four-day visit to India, arrived in Mumbai on Wednesday and flew to Hyderabad on Thursday to inaugurate the tech giant’s development centre, which will focus on developing maps for Apple products — iPhone, iPad, Mac and Apple Watch.

Later in the evening, Cook flew to Kanpur in Uttar Pradesh to watch the Indian Premier League (IPL) match between Gujarat Lions and Kolkata Knight Riders at the Green Park stadium in the city at the invitation of IPL chairman Rajeev Shukla.

Cook will visit Delhi and Gurgaon on Friday and meet Prime Minister Narendra Modi on Saturday. (IANS)

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Apple opens development office in Hyderabad

May 19, 2016 0

Hyderabad– Tech giant Apple on Thursday announced the opening of a new office in Hyderabad that will focus on development of Maps for Apple products like iPhone, iPad, Mac and Apple Watch. This investment will accelerate Maps development and create up to 4,000 jobs.

“Apple is focused on making the best products and services in the world and we are thrilled to open this new office in Hyderabad which will focus on Maps development,” said Tim Cook, Apple CEO, who is visiting India.

Tim Cook-Hyderabad“The talent here in the local area is incredible and we are looking forward to expanding our relationships and introducing more universities and partners to our platforms as we scale our operations.”

On Wednesday, Apple revealed plans for an iOS app design and development facility in Bengaluru.

Apple has been continually updating and adding new features to Maps, including 3D views, the Flyover feature and tools to help customers find convenient places to shop, eat and explore nearby areas.

With iOS 9 Apple added Transit, offering a combination of trains, subways, buses and walking, which is already available for more than 300 cities around the world.

The new facility, located on the Waverock campus here, will provide a world-class, LEED-certified home for the expanding Maps team.

“We are honoured Apple chose Hyderabad as a home for its Maps development office,” said Telangana Chief Minister K. Chandrasekhar Rao.

“This will create thousands of jobs here and is a testament to our proactive approach, quality infrastructure and the excellent talent base we have in the region.”

“Apple is one of the most innovative companies in the world and we are very proud they chose us to partner with for this important project,” said Anup Jindal, RMSI’s CEO.

“We are experts in geospatial data and we will be hiring thousands of people from the local area to support this effort.”

Across India, Apple supports over 640,000 iOS app developer jobs and other positions related to the iOS ecosystem.

Apple revolutionised personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch and Apple TV.

Apple’s four software platforms — iOS, OS X, watchOS and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay and iCloud.

Apple’s 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

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US businesses to sign $27 billion deals with India over next 2 years

May 18, 2016 0

New Delhi– United States businesses will sign deals worth $27 billion with India over the next two years, a top US official said here on Wednesday.

“Over the last two years, US businesses invested over $15 billion in India, and will reportedly sign deals worth another $27 billion over the next two years,” Arun M. Kumar, assistant secretary for global markets and director general for the US and foreign commercial service, said.

Arun M. Kumar

Arun M. Kumar

Talking about increasing US investment in the Indian market, he said, “American companies are responding. Last year, US companies invested more in Indian equities than in China,” he added.

In particular, US companies’ unique capabilities can help India address its priority needs and meet Prime Minister Narendra Modi’s economic development goals, Kumar said.

He also acknowledged India’s e-commerce market as the fastest growing in the world, and said that US companies are contributing to the sector.

“US companies have already invested billions and, in the process, are making it easier for Indian firms export globally,” he said. (IANS)

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Tim Cook kicks off India tour with Apple facility, Siddhivinayak visit

May 18, 2016 0

Mumbai–From announcing a Design and Development Accelerator facility in Bengaluru to performing aarti at the famed Shree Siddhivinayak temple and attending a star-studded dinner at Bollywood superstar Shah Rukh Khan’s home in the evening, Apple CEO Tim Cook on Wednesday had a packed schedule as he kicked off his four-day India visit in a highly “encrypted” manner.

Tim Cook-India“Great to hear from some of India’s top iOS developers today. Innovative apps and many ideas for the future!,” Cook later tweeted.

Cook kicked off his maiden India trip with an early morning visit to the famed Shree Siddhivinayak temple in Prabhadevi, central Mumbai, where he performed a special ‘aarti’.

Sporting a light blue shirt and dark trousers with a yellow stole with Sanskrit scriptures in orange, Cook performed a special ‘aarti’ of the temple’s presiding deity, Lord Ganesha — who symbolizes wisdom and is the remover of all obstacles.

Accompanied by Apple India head Sanjay Kaul, Cook’s temple visit was a prelude to a host of meetings lined up with top business and Bollywood personalities later in the day.

At the temple Cook ran into Anant Ambani, the scion of Reliance Industries Chairman Mukesh Ambani, and chatted with him for some time

Ahead of the trip, Cook said in an official Apple statement “India is home to one of the most vibrant and entrepreneurial iOS [Apple platform] development communities in the world.”

“With the opening of this new facility in Bengaluru, we’re giving developers access to tools which will help them create innovative apps for customers around the world,” he added.

In the evening, the Apple CEO is set for a gala dinner at Shah Rukh’s residence “Mannat” where celebrities like actor-producer Aamir Khan are to be present among the star attendees.

A source in the know of developments told IANS that details of Cook’s visit to Shah Rukh’s house were kept hush-hush, and that “it is a very private gathering”.

The high-profile Apple CEO is slated to visit Bengaluru and Hyderabad on Thursday before flying to New Delhi and meet the Prime Minister Narendra Modi.

In Hyderabad, he is expected to announce a new digital maps centre for the Telangana capital.

The facility will reportedly commence operations on one lakh square feet leased space in WaveRock, a building owned by real estate giant Tishman Speyer at Nanakramguda.

The US-based firm plans to expand the facility to 2.5 lakh square feet by next year. It will have 2,500 employees, sources said. The company, which has taken the space on lease at WaveRock, is also planning to build its own campus.

Telangana Chief Minister K. Chandrasekhar Rao or his son and IT Minister K.T. Rama Rao may make an announcement for allocation of land to Apple for its campus.

According to reports, the company is looking for new growth markets like India after its sales declined.

Apple’s Design and Development Accelerator facility in Bengaluru, slated to open in early 2017, will be a first-of-its-kind centre that will support engineering talent and developer community, creating innovative mobile apps in India.

Thousands of developers in India make apps for iOS, the world’s most powerful mobile operating system and the foundation for iPhone, iPad, iPod touch and the new initiative will provide additional, specialised support to the developers.

Each week, Apple experts will brief and provide one-on-one app reviews for the developers, support and guide them on Swift, Apple’s powerful and intuitive programming language created to build apps for iOS, Mac, Apple TV and Apple Watch.

Swift enables developers write safer, more reliable code, save time and create richer app experiences and a recent report from Toptal showed jobs requests for Swift rising by 600 percent in 2015.

Bengaluru is the cradle of maximum tech startups in India with over a million people working in this sector and over 40 percent graduates from local universities specializing in engineering or IT.

Cook’s visit to India comes at a time when the US technology giant is hit by slower growth in global sales of its flagship products — iPhone, iPad and Mac.

Zomato and Snapdeal along with NASSCOM president R. Chandrashekhar extended their support for the new facility.

The Apple CEO is expected to meet Prime Minister Narendra Modi on Saturday. He had met Modi at a Silicon Valley event in the US last September, where they discussed manufacturing plans under Modi’s ‘Make in India’ initiative.

The Apple CEO flew to the country from China, where Apple announced a $1 billion investment in the local ride-hailing app Didi Chuxing.

“India is incredibly exciting. The population of India is incredibly young. Almost half the people in India are below 25. And so I see the demographics there also being incredibly great for a consumer brand and for people that really want the best products,” Cook had said earlier this year.

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Apple hires Samsung top exec to be India media head

May 18, 2016 0

New Delhi– In a key development, US tech giant Apple is all set to hire Rajiv Mishra, currently vice president of media and corporate social responsibility division at Samsung Electronics Co. Ltd, as its India head of media and public affairs.

Mishra confirmed the development to IANS on Wednesday.

The move is significant, as it comes when Apple CEO Tim Cook is in India on a four-day visit and is slated to meet Prime Minister Narendra Modi this week.

The move is also crucial as with Mishra’s over 22-year expertise, Apple will be better positioned to disseminate information to its various stakeholders and cement its position in the Indian market.

Mishra joined Samsung in August 2014. At Samsung, Mishra is responsible for overseeing the entire media mandate for the organisation across the country.

He had worked for various media organisations like Hindustan Times Group, Star TV, Zee TV, Reliance Infocomm Limited, News 24 (BAG Films and Media) and India News, among others.

Mishra also worked with Lok Sabha TV as CEO and has been a nominated member of various media advisory bodies in various ministries.

He is founder of the Electronic Media Rating Council of India and his contribution in television ratings methodology in Europe has been recognised by International Telecommunication Union and European Broadcasting Union at Geneva.

Rajiv Mishra is also the founder and first president of Association of Radio Operators for India (AROI) and also the first president of Association of Regional Television Broadcasters of India (ARTBI), the industry representative body of regional Broadcasters of India. He has recently been nominated as member, expert committee of Information & Broadcasting Ministry to develop papers on copyright issues.

A master’s in broadcasting from IAB, Montreux, Switzerland, he earned MBA in media management from Metropolitan College of New York (MCNY) in the US.

Apple is reported to be looking for new growth markets like India following decline in sales.

Hit by slower growth in the sale of its flagship products iPhone, iPad and Mac globally, Apple’s revenue dropped for the first time since 2003 as the tech giant released earning reports for the second quarter of fiscal 2016 in March.

Revenue was down in both Americas and China — Apple’s two biggest territories. It declined around 10 percent in the Americas and 26 percent in China.

According to Vishal Tripathi, research director at global market consultancy firm Gartner, Cook may raise the issue of allowing Apple to import and sell refurbished iPhones at a cheaper price in India during his talk with Modi. This will give Apple a slot in the mid and low-price segment.

Apple’s manufacturing partner Foxconn is already present here and is looking to set up a manufacturing base in the country. (IANS)

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Apple’s Tim Cook to visit India this week

May 16, 2016 0

New Delhi– US technology giant Apple’s chief executive Tim Cook is expected to visit India later this week and will meet Prime Minister Narendra Modi, according to a source.

Tim Cook

Tim Cook

“It is expected that the Apple CEO will meet Prime Minister Modi this weekend,” a source familiar with the development told IANS.

At present, Cook is in Beijing, China. Apple on May 13 announced an investment of $1 billion in Chinese ride-hailing app Didi Chuxing.

During his visit, Cook met some of China’s well known app developers as well.

Cook, who joined Apple in March 1998, was made chief executive of the company, succeeding Steve Jobs, on August 24, 2011.

Hit by a slower growth in its flagship iPhone, iPad and Mac sales globally, Apple’s revenue dropped for the first time since 2003 as the tech giant released earning reports for the second quarter of the fiscal year 2016 in March.

The company on April 27 posted a quarterly revenue of $50.6 billion and quarterly net income of $10.5 billion ($1.90 per diluted share), compared to revenue of $58 billion and net income of $13.6 billion ($2.33 per diluted share) in the year-ago quarter, the company said in a statement.

The revenue was down in both Americas and China — Apple’s two biggest territories. It declined around 10 percent in the Americas and a 26 percent drop in China.

According to reports, the company is looking for new growth markets after its sales declined. (IANS)

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