Apple Full of India Masala

Tim Cook is betting on India for the long term. Apple Inc, hit by slowing worldwide iPhone sales in its latest quarter, is hoping that the country's younger population, thirst for top-of-the-line consumer products and economic growth prospects will help pick up the slack as other markets falter. In its first-quarter earnings call, CEO Cook said Apple will continue to invest in India despite global slowdown and currency fluctuations and during hard times like now, it provides an opportunity to invest in newer markets such as India where there are long-term prospects.

'Demographic is Incredibly Great' 27. Apple's financial year runs from October to September. The call took place early morning on Wednesday, India time. Apple's India first-quarter revenue surged 38%, albeit on a smaller base, compared with 11% growth in overall emerging markets and 14% in Greater China, the company's second-largest market after the US. Cook said that at constant-currency rates, sales rose 48% from the year ago.

India is quickly becoming the fastest-growing BRIC nation, the third-largest smartphone market behind China and the US, and the median age of the population is 27 compared to 36-37 in China, Cook pointed out. "The demographic is incredibly great for a consumer brand and people want best products. The government too is interested in economic reforms. All speaks for a really good future business environment."