Nidhi Razdan: Apple stores open in Mumbai, Delhi by Tim Cook
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00:00So there was a lot of excitement in India last week when Apple opened its first physical
00:08stores in India, despite being in the market for 25 years. So you had the 20,000 square
00:14foot store at the BKC in Mumbai, which is fabulous, and a slightly smaller store that
00:20opened in Delhi a couple of days later, both of which were inaugurated by the CEO of Apple
00:25Tim Cook. Now, this is exciting, not just for Apple fans like me, but also for the Indian
00:30market. It's very clear that Apple sees India as the most significant market in the next
00:36decade or so, the way it saw China, say, 15 years ago, which is why they're putting so
00:40much effort into India. Apple has only a 5% market share in India. Let's face it, their
00:46products are very, very expensive. A lot of people are just not going to be able to pay
00:50more than 1 lakh for a phone or even more money for other devices. But in an Android
00:56dominated market, Apple is hoping that things will begin to change. They're trying to offer
01:01schemes like installments and trade-ins so that people can buy Apple devices in India.
01:06But they're also shifting their manufacturing of iPhones in a substantial way to India.
01:11They've already started doing it with the iPhone 14. And the Indian government says
01:1625% of iPhones may eventually be produced in India. And that is very significant from
01:22India's point of view as it looks to lower away more manufacturers from China to India.