Apple looks to India to drive future growth

After its first annual revenue decline in 15 years, Apple is targeting India, one of its fastest-growing markets to drive its future growth. Apple chief Tim Cook said in the company's fourth-quarter earnings call that its iPhone sales in the fiscal year ended September 2016 were up 50 per cent and there was room for further growth in future.

Speaking about iPhone sales in India, Cook said, "Our iPhone sales in India were up over 50 percent in fiscal 2016 compared to the prior year, and we believe we're just beginning to scratch the surface of this large and growing market opportunity."

According to commentators, it appeared that the growth was followed a pattern for Apple, which also saw a 51 per cent rise in iPhone sales in India last quarter as well.

Regarding the company's partnership with Reliance Jio in India, and the potential of the Jio iPhone Offer, Cook said, "Looking ahead, we're seeing some very exciting developments in India. Reliance Jio is rolling out a first-of-its-kind all-IP network in India with 4G coverage in 18,000 cities and 200,000 villages across the country. They're offering a free year of service to purchasers of new iPhones and we're partnering with them to ensure great iPhone performance on their network."

Cook also noted that the Indian government was investing in a working technical infrastructure enabling consumer access to smartphone technologies like 4G. He went on to add that almost half of all Indians were under the age of 25 and the country's population was expected to grow beyond China in the next decade, but it might take longer for India's GDP to rival China's, but this would not come in the way of the company's success.

Apple also revealed that its revenues in Greater China were $8.8 billion, which worked out to a 30 per cent decline from $12.5 billion in the same period last year.