Salcom is owned by China’s Lingyi Itech and is Apple’s major charger supplier. The company is building a housing complex for about 15,000 people, to add to its existing workforce of 12,000, and is expecting revenues in India to grow to $2-3 billion by 2025. Reuter’s reported India’s trade minister’s comments in January that Apple wants India to account for 25% of its production.
There’s a lot riding on Apple’s plans for India, particularly for the government which has lavished financial support and incentives in tech companies expanding locally. For Apple, sales in India have almost doubled since the pandemic, according to Counterpoint. All we are seeing right now is that India is shining a light on itself as a safe haven for companies looking for growth while the rest of the world is looking at stagnation or loss of demand.
People who have managed through other recessions and know better should see that shrinking back and hunkering down is not really the best way to attack this year’s issues. It’s always been that way during downturns, the companies that can manage to invest, be aggressive, and take the hits are the ones that come out ahead once everything pass, and this, too, shall pass.
