This story was originally published on the Benzinga India portal.
Apple’s AAPL burgeoning operations in India are set to generate around 600,000 jobs by the close of this fiscal year. This surge in job creation is a result of the tech giant’s strategic move to diversify its production from China.
What Happened: Apple’s workforce in India will comprise 200,000 direct jobs by the end of March 2025, with women making up a significant 70% of this workforce, reported the Economic Times.
The company’s three contract manufacturers in India — Foxconn, Wistron (now Tata Electronics), and Pegatron — have already created 80,872 direct jobs. Additionally, a host of suppliers, including the Tata Group, Salcomp, Motherson, Foxlink in Tamil Nadu, Sunwoda in Uttar Pradesh and ATL in Haryana and Jabil in Maharashtra, have collectively generated around 84,000 direct jobs.
if you want to keep up with all the latest stock market updates in India, sign up for the Benzinga India weekly newsletter.
Over the past few years, Apple has become the largest blue-collared job creator in India. Since the inception of the smartphone production-linked incentive scheme in 2020, Apple vendors and suppliers have created around 165,000 direct jobs.
Furthermore, the Tata Group‘s twin facility in Hosur, Tamil Nadu, which includes an iPhone manufacturing unit, is expected to employ around 50,000 individuals over time. The commercial production of iPhones at this facility is set to begin in October.
The Indian government estimates that every direct job in the electronics sector generates three indirect jobs. This suggests that the Apple ecosystem could create anywhere between 500,000 and 600,000 jobs by the end of March.
Read Next: Samsung Rival LG Follows In Hyundai’s Footsteps, Mulls India IPO: Report
Disclaimer: Artificial intelligence was used as a secondary aid in the writing of this story.
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
