Apple CEO Tim Cook has praised Prime Minister Narendra Modi’s demonetisation move. In a conference call with investors and analysts, Cook reportedly said that Modi government’s move to scrap high-value currency as a step in right direction. Moreover, it will bring positive results in the long term although some pain needs to be faced initially.
Despite demonetisation of currencies, Apple managed to post record revenues for the Q4 2016. The recent comments by Cook come in the backdrop of quarterly revenue of $78.4 billion in the Q4 2016.
Commenting on the development, Cook disclosed that despite the Demonetisation drive has created several economic pressure, the company managed to post record revenue results when compared to previous quarters. It’s true that demonetisation still has a long way to go but will be extremely beneficial in the long term.
Meanwhile, the iPhone manufacturer has been able to post double-digit sales and revenue growth in India over the last four quarters. Apple, in October 2016 had disclosed that the iPhone sales in the country increase to 50 percent.
Cook also revealed that the company is in discussion with stakeholders for the opening of exclusive retail stores. Moreover, the company is gearing up to invest a significant amount in the country to boost the job growth and revenue.
Interestingly, the Economic Survey tabled in the Parliament revealed that the demonetisation had grossly impacted the GDP growth in FY 2016-17. The report reveals the fact that the GDP has been dropped to 6.5 percent from 7.6 percent. However, there is a big scope for the rebounding of the GDP growth up to 7.5 percent before June 2017.
Even though India is touted as a big market for Apple despite a decline in sales from USA and China, the price factor is still mattered of great concern for the company.
With a market share of 3 percent, Apple is gearing up to push sales by opening exclusive stores. Moreover, the company is planning to manufacture iPhones and iPads under Make in India initiative. The officials from Apple have already discussed with Government regarding provision for exemptions.
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