Apple CEO Tim Cook will visit India later this week and is likely to meet Prime Minister Narendra Modi , as the iPhone maker seeks to cash in on the "huge potential" in the world's second largest smartphone market.
Cook is expected to discuss matters pertaining to manufacturing in India and the potential of the Indian technology market, according to sources.
Apple CEO's visit comes at a crucial time when the US-based firm is focusing on new growth markets like India after posting its first-ever decline in iPhone sales.
Cook had said Apple sees a "huge market potential" for its products in India and that it is "really putting energy" in the country.
Apple has also sent in a proposal to the Indian government for selling refurbished phones in India. However, no official call has been made on the matter.
Addressing analysts in a conference call, Cook had said that India presents a "really great opportunity" but slow networks and the informal retail structure across the country is holding the company back from realising its full potential.
While its sales in China , its second-largest market after the US, fell 11 pe
"But I view India as where China was maybe seven to ten years ago. From that point of view, and I think there's a really great opportunity there," he had said.
According to research firm Counterpoint, India smartphone market grew 23 per cent in the first quarter of 2016, surpassing the US to become the second largest country in terms of users.
This is despite the global sales remaining flat globally in the same time period.
Apple also plans to set up fully-owned retail stores. The government has waived off 30% local sourcing mandate for the company.
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