India hands Apple a win by letting foreign firms fund equipment without tax risk

India’s ⁠government on Sunday handed a major win to Apple by allowing foreign companies to provide machines to their contract manufacturers in certain areas for five years without any tax risk.

Apple has been growing in India in recent years as it diversifies beyond China. Counterpoint Research says iPhone’s share of the ‌Indian market has doubled ‌to 8% since 2022. And while China still accounts for 75% of global iPhone shipments, India’s share has quadrupled to 25% since 2022.