According to analysts' estimates, Apple now manufactures 10% to 15% of its iPhones in India, and CEO Tim Cook has suggested that the company is looking to potentially move more production there. Apple also opened a few retail stores in India in 2023.
For Modi, the trip represents an opportunity for a much-needed boost to his company's private sector. The MSCI India exchange-traded fund has fallen 5% this year and more than 15% since late September. Meanwhile, Chinese stocks have been rallying as emerging market investors bet on the country's AI advancements, particularly following recent reports about the power and efficiency of DeepSeek's model. The iShares MSCI China ETF is up 11% in 2025.