Analysts forecast India to account for 15 percent of Apple's overall revenue in the next five years. Remember, the smartphone market in India is expected to reach 253.28 million units in 2027, expanding at a CAGR of 7.97 percent during the 2022-2027 forecast period. India being a 140 crore population adds more flames to this projection. Additionally, analysts forecast India to account for 15 percent of Apple's overall revenue in the next five years. It's no wonder the country sets high hopes for Karnataka.
On the other hand, these fresh investments continue to + generate employment and development in and around the state capital. As part of its 'Atmanirbhar Bharat' objectives, the Narendra Modi government is determined to establish India as a manufacturing center. Likewise, the state is also setting up lithium-ion battery plants.
Lithium-ion Battery Plant in Karnataka
Karnataka is expected to gain a lithium-ion battery plant on the outskirts of Bengaluru, thanks to a deal between the state government and battery manufacturing giant International Battery Company (IBC). According to reports, the battery producer inked a memorandum of understanding (MoU) with the state to develop a gigafactory with an investment of 8,000 crore. The company is considering establishing a factory in Karnataka to produce equipment, parts, and other goods linked to electrification and decarbonization technology.
The 8,000 crore investment amounts to one billion US dollars is Karnataka's second plant to be built on a 100-acre plot of land in the Information Technology Investment Region (ITIR) at Devanahalli in the Bengaluru Rural district. After the project is completed, the state will have its second Lithium-ion battery manufacturing facility, paving the path for the state to become the country's leader in Li-ion battery manufacturing, according to Large and Medium Industries Minister M B Patil.
This story is from the September 2023 edition of CEO Insights.
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This story is from the September 2023 edition of CEO Insights.
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