New York: Tim Cook Apple CEO feel cheerful and voiced that the Indian government will at some point agree to allow the technology giant to bring in its stores as he lauded the country’s bold reforms, saying he is a big believer and very bullish on India.
While responding to the question, Apple is at disadvantage in India as compared to other markets, in terms of ability to own stores and manufactures its products.
Mr. Cook has mentioned during the fourth quarter of 2018 that “ We have had a really great productive discussion with the Indian government and I fully expect that at some point, they will agree to allow us to bring out stores into the country. We have been a discussion with them and the discussions are going to quite well.” The CEO also added that in India there are import duties in some or most of the product categories that Apple is in and in some cases they compounded.
While talking about the manufactures Mr. Cook has said “ This is an era that we are giving lots of feedback on. We do manufacture some of the entry iPhones in India and that project has gone well. I am a big believer in India. I am very bullish on the country and the people and our ability to do well there”
Talking about the future of the company in Indian Market Mr. cook has said that despite the challenges, including currency weakness, he was very optimistic about his company future growth in the Indian market. He further peached over rupee touching 74 to a dollar, that the currency weakness has been part of Apple’s challenge in India, as you can tell from just looking at the currency trends, but I sort of view these as speed bumps along a very long journey through.
He also believes that “ there is a huge number of people that will move into the middle class. The government has really focused on reform in a major way and made some very bold moves and I applaud them for doing that, and sort of cannot wait for the future there”
He further said “ We would like to see like to see that be a huge growth. Brazil was down somewhat compared to the previous year. And so I think, or at least the way that I see these, is each one of the emerging markets has a bit of a different story, and I do not see it as some sort of issue that is common between those for the most part”
The Apple Chief Financial officer Luca Maestri said “We were especially pleased Mac momentum in emerging markets with strong growth in Latin America, in India, the Middle East and Africa, and Central and Eastern Europe”
The Maestri further said “ We generated iPad growth in a number of key regions around the world, including Latin America, Europe, Japan, India and South Asia. Among customers around the world purchasing ipads during the quarter, nearly half were new to iPad, and our active installed of iPads reached a new all-time high”