India's Telecom Minister Ravi Shankar Prasad said that Apple and other global technology companies are exploring opportunities to invest in the country's electronics industry, with over $20 billion invested thus far.
From the official statement:
When I became minister, we had Rs. 11,198 crores of investments in electronic manufacturing. I am happy to tell you, now it is Rs. 1,20,000 crores plus which has been invested in India or committed.
Today all the big companies from Taiwan to .... have come in India. Apple is exploring possibility here in India. Therefore from smartphone to ordinary phone to solar panel to what not, immense potential is there in India . We have got a proper incentive scheme available including electronics clusters.
The minister did not share any concrete details regarding Apple's plans in India, but did mention that the Digital India initiative will create $1 trillion in revenue, $400 billion coming from the electronics market, $350 billion from the IT and ITes sector, and $250 billion from communications.
With Foxconn slated to establish five new factories in the country and with Apple all set to bring its retail stores, it is likely the investment will be geared at the electronics and manufacturing segments. We'll share additional details as we receive them.