India proposes extending tax breaks for contract manufacturing in a boost for Apple

NEW DELHI: India has proposed extending tax exemptions until 2041 for foreign companies that provide machinery to contract manufacturers, handing a major win to Apple which had lobbied for such changes, and is fast expanding in the market.

India has been a key market for Apple as it diversifies iPhone manufacturing beyond China, and the South Asian nation is set to make 26% of the world’s iPhones in 2026, up from 6% four years ago, according to Counterpoint Research.