Capitalmind CEO Deepak Shenoy has voiced his support for US President Donald Trump, backing his call for Apple CEO Tim Cook to halt the expansion of manufacturing in India for iPhone devices destined for American consumers. But why?
Well, Shenoy believes there is no need to be “antsy” about Trump telling not to build in India and to build in the US. He rather said that India should take a leaf from Trump’s book and push for local manufacturing, which would drive the economy and create jobs for Indians.
“Why are we all antsy about Trump telling Tim Cook to not build in India but to build in the US? This is exactly what India needs to be telling its own manufacturers too – build here, not in China. Every country’s leaders wants jobs for their own people,” Shenoy said in a post on social media on platform X on Thursday evening.
Apple iPhone: Make in India vs Make in US
As of now, Apple has no smartphone production in the US. Most of the iPhones that Apple manufactures are made in China, while facilities in India produce nearly 40 million units annually, which is around 15% of Apple’s annual output.
India-made iPhones are assembled in Taiwanese contract manufacturer Foxconn’s factory in Tamil Nadu. Tata Electronics, which runs Pegatron Corp’s operations in India, is the other key manufacturer. Tata and Foxconn are building new plants and adding production capacity to increase iPhone production.
Apple assembled 60% more iPhones, worth an estimated $22 billion, in India in the year ended March 31.
Trump, who in his second term as President is pushing for local manufacturing, said Apple will be “upping their production in the United States.”
“I had a little problem with Tim Cook yesterday,” Trump said of his conversation with Apple’s CEO, in Doha. “I said to him, Tim, you’re my friend. I treated you very well. You’re coming in with USD 500 billion (investment). But now I hear you’re building all over India. I don’t want you building in India if you want to take care of India.”
Apple had earlier this year pledged to spend $500 billion in the US over the next four years.
Local manufacturing: Need of the hour?
Deepak Shenoy’s comments are also significant amid the ongoing global trade war that puts highlight on the need for local manufacturing.
(With inputs from agencies)
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