What happened: Apple's key supplier and manufacturing partner Foxconn is bombing another $500 million on its existing facility in India, to support the production of iPhone 14's in India going forward.
India is quickly becoming a key supply hub for Apple as the big tech giant looks to cut down its reliance on China amidst increasingly lockdowns, obfuscating policies, and a nationalistic sentiment that is becoming a nuisance for free business.
JP Morgan says Apple will make 5% of it's iPhones in India by the end of 2022, with hopes of scaling up to 25% by 2025. Meanwhile Foxconn is also bringing other businesses here. For example, the company recently committed to spending nearly $20 billion in Gujrat for an opto-electronics manufacturing plant.
India's win: as China's relationships with the west sour, and at Xi Jinping drops diplomacy for an iron fist, western business is finding India increasingly lucrative for business – thanks to an opening economy, robust capital markets, massive talent base, and government incentives spurring production.