| | NOVEMBER 20248Finance Minister Nirmala Sitharaman announced that India's per capita income is expected to rise by at least $2,000 over the next five years, driven by overall economic growth. This projection comes as the country experiences robust investments and a commitment to ongoing policy reforms. Sitharaman highlighted that it took India 75 years to reach a per capita income of $2,730, but the next significant leap is anticipated to occur rapidly. Addressing the Kautilya Economic Conclave, organized by the Ministry of Finance and the Institute of Economic Growth (IEG) in the national capital, she emphasized the demographic advantage of India, where nearly 43 percent of the population is under the age of 24. This youth demographic is a critical driver of organic consumption growth in the country."We are much better off than many other countries, even those that are advanced economies", said the Finance Minister. "Today, they are struggling to grow. We stand out as an economy that has been growing at the fastest rate in recent years, and this trend is expected to continue in the coming years".Sitharaman pointed out that India is in a favorable position amid ongoing global geopolitical realignments, which can serve as a structural advantage by fostering robust supply chains with strategically aligned countries.According to a NITI Aayog document, India is projected to become a $30 trillion economy by 2047, with a per capita income of $18,000 per annum. The country is on track to become the third-largest economy and has the potential to add $1 trillion to its GDP every 1.5 years, aiming for a $10 trillion economy by 2032, supported by strong GDP growth, manufacturing, and infrastructure development.The narrative of India has shifted from the 'Fragile Five' during the UPA government to being part of the 'Top Five' under the BJP-led NDA government. India is increasingly recognized as the emerging superpower of the 21st century. A Goldman Sachs report also indicates that India is poised to remain among the world's fastest-growing economies until 2030, with Moody's Analytics projecting a growth rate of 7.1 percent for this fiscal year (FY25). Apple is set to bolster its retail footprint in India, announcing plans to launch additional exclusive stores in major cities including Bengaluru, Pune, Delhi-NCR, and Mumbai. This move follows the positive reception of its existing retail locations in Mumbai and Delhi, as the tech giant experiences a significant increase in domestic sales and export figures.Deirdre O'Brien, Apple's Senior Vice President of Retail, expressed enthusiasm about expanding the company's presence in India, stating, "We are thrilled to build our teams as we plan to open more stores in India, because we are inspired by the creativity and passion of our customers across this country". O'Brien emphasized that Apple stores serve as 'incredible places to experience the magic of Apple', enhancing connections with Indian consumers.Currently, Apple operates its branded retail outlets in Saket, Delhi, and Bandra Kurla Complex (BKC) in Mumbai. The announcement of new stores comes as Apple has begun manufacturing its entire iPhone 16 lineup, including the iPhone 16 Pro and Pro Max, in India. The locally produced iPhone 16 models are expected to be available soon for domestic customers and for export to select countries.The expansion of Apple's retail operations aligns with its strategy to increase local manufacturing capabilities in response to the Indian government's Production-Linked Incentive (PLI) scheme. In the April-August period of this fiscal year, Apple's iPhone exports from India exceeded $5 billion, marking a remarkable growth of over 50 percent compared to the same timeframe in the previous fiscal year.In 2023-24, iPhone exports from India surged to $12.1 billion, a significant increase from $6.27 billion in 2022-23. The company's overall operations in India reached a value of $23.5 billion in the last fiscal year, highlighting its commitment to the Indian market.Looking ahead, Apple's revenues in India are projected to grow by 18 percent year-on-year in 2024. In the previous year, the company recorded nearly 10 million iPhone sales in India, its highest figure to date, and anticipates this number will increase to over 13 million units this year. This growth trajectory is expected to fuel Apple's expansion efforts in India, as the company continues to deepen its engagement with local consumers. INDIA'S PER CAPITA INCOME EXPECTED TO RISE BY $2,000 IN FIVE YEARS: FM SITHARAMANAPPLE EXPANDS RETAIL PRESENCE IN INDIA AS IPHONE PRODUCTION SOARSIN FOCUSIN FOCUS
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