Union Budget 2017: With FM Arun Jaitley all set to present the budget today, after some uncertainty over a delay due to the death of IUML MP E Ahamed, the Narendra Modi-led NDA government got a big thumbs up from Apple Inc CEO Tim Cook over its demonetisation exercise that led to Rs 500 and Rs 1000 notes being banned in an exercise that targetted black money in India and also to ensure the Indian economy moves towards a less cash status from the current leaning towards currency notes.
Apple CEO Tim Cook he emphasised the company’s strong intention to “invest significantly” in India said, “The demonetisation drive undertaken by the Indian government is a ‘great move’ in the longer term.” When asked about Apple’s performance in India during its fiscal 2017 first quarter that ended on December 31, 2016, he said, “”Despite the demonetisation move in India that created lots of economic pressure there last quarter, despite that, we had all-time record revenue results, and so we were very happy about that. ”
The 56-year-old Apple CEO said that the demonetisation impact has not worked its way through yet and it is ‘still definitely having some overhang.’ He continued, “But I think in the longer term, it’s a great move, and I feel really good about how we’re doing there. We are in discussions on a number of things, including retail stores, and fully intend to invest significantly in the country and believe it’s a great place to be.”
Cook described India as a “great” market and said that he will make some soon make significant investments in the country.
With the announcement of demonetisation in November 2016 a large amount of currency in the notes of notes of 1000 and 500 were withdrawn by the government.
Apple sold 13.1 million iPads with a double-digit growth in China and India. Apple’s Chief Financial Officer Luca Maestri said, “as we’ve expanded distribution channels in those countries and we continue to attract a very high percentage of first-time tablet buyers.”