Apple CEO appreciates demonetization

While the demonetization move has seen many criticisms from people, there is also praise from many others. Joining the list of supporters is the CEO of tech giant Apple, Tim Cook.

Cook praised the move of Modi government and said that despite the cash crunch, the sales of their phones has increased in this quarter in India.

The last quarter has been great for Apple as Indian sales saw a double digit growth.

Cook recently visited India as part of a possible Apple strategy. The investors of India are also eagerly wondering what Apple is planning. Apple’s global sales however took a turn for the worse.

Experts expect that India will be the next China for Apple because of the country’s increasing manufacturing potential. This means that Apple could be looking to set up an assembly unit in India.

There have been reports that Apple is looking at Bengaluru for this purpose.

Cook himself stated that Apple is in talks with the government to open retail stores in India. Apple is looking to invest significantly in India, he says, calling the country a great place.

Talking about the notes ban in India, he said that even though it hasn’t made the impact yet, it is a great move.

He said that it is something that will help the country in the long term.

He said despite the declining global sales and the note ban, the sales in India saw growth. He said there was double-digit growth in both Mainland China and India. Apple India had a ₹9,997 crore in sales in 2015-16 which is a 56% increase from previous year’s ₹6,472 crore

Cook said that the middle class’ purchase ability has grown in countries like India. This has attracted many investors. Apple itself is ready to invest a lot in India he said.

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