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In 2023, Apple set a goal to shift a quarter of its global iPhone output to India by 2025. In April, iPhone shipments from India to the US reached about 3 million, per Omdia, up 76% YoY. Outside of China and India, Apple also has manufacturing factories and partners in Japan, South Korea, Taiwan, and Vietnam. Why does it matter?

India also has more headroom for growth than any other country thanks to the huge share of its population that is not yet online (49.2% as of 2025). Click here to view our full forecast for digital gamers in India. Behind the Numbers.

India will lead in digital ad spending growth, but a surprising number of advanced economies are also on the high-growth list. India and five major Western European markets highlight 2025鈥檚 top 10 list for growth.

India will be the highlight once again in 2025, notably outperforming across total retail and ecommerce. Furthermore, if we segment the world into its major economic geographies, India will top the growth list in both columns. The Middle East and Africa is also expected to stand out. Click here to view our full forecast for total retail sales growth, by region and country.

India will keep its position as the largest recipient of remittances despite flat growth. Inflows to India will approach $130 billion this year, coming from mainly the US and the Middle East. This marks a 4% growth YoY鈥攆lat from the past year. Inflow growth from the Middle East has slowed due to declining oil prices and production cuts in intensive oil exporter countries.

India鈥檚 festive season kicks off on a high note: Strong early spending is a promising sign for brands like Apple and Amazon India that are investing heavily in the rapidly growing market.

As much as 35% of what the retailer sells comes from China, while another 40% originates from countries like Vietnam and India鈥攎aking it particularly exposed to tariffs. As of mid-May, the retailer has made the necessary pricing adjustments to account for increased costs, although Barry stressed that increases are a 鈥渧ery last resort.鈥�.

But it鈥檚 a risky tactic given the company鈥檚 reliance on manufacturers in Vietnam, Cambodia, and India鈥攁ll of which could be subject once again to heavy duties once the current pause on reciprocal tariffs ends on July 9. However, the alternative could be just as problematic.

India is now Apple鈥檚 top iPhone production base outside China, but the company鈥檚 expansion there could face complications from President Donald Trump鈥檚 desire for Apple to move production to the US. Lingering concerns: Investors fear an escalating trade war that could shrink the $690 billion US-China trade flow, raise prices, and hit key industries.

At the same time, China and India are accounting for more studies thanks to their large, diverse populations, lower costs, and government support. The US accounted for 15% of global clinical trials in 2024, down from 21% in 2015, per WHO data cited in Endpoints. China notched an 18% share last year, up from 10% in 2015, while India claimed a 19% share, up from 4% in 2015.

One potential strategy is to shift production from China to Brazil and India, where it already has some manufacturing capability. But that plan would likely displease the Chinese government, which is pressuring Shein and other companies to keep their supply chains as is鈥攁nd whose goodwill Shein needs in order for its IPO to finally move forward.

Amazon鈥檚 MX Player acquisition reignites the battle for Indian consumers: $100 million purchase gives Amazon ownership of the largest free streaming service in India.

GenAI startups in India surged from over 66 in H1 2023 to more than 240 in H1 2024, according to an October 2024 report from technology industry trade association NASSCOM. It stated that genAI startups in India had attracted over $750 million in funding since 2023, partly driven by the launch of 17 native genAI language models.

The findings: With 1 in 5 Gen Zers residing in India, EY recently studied Indian Gen Zers to learn about their financial preferences鈥攁nd how banking services around the globe must evolve to capture their interest. Here are the report鈥檚 key takeaways:. 83% of Gen Zers in India prefer digital banking but still seek human interaction for major financial decisions.

Goods shipped from India currently face a 10% tax鈥攎uch lower than the 145% tariff now applied to most Chinese exports. Other sellers are pursuing questionable workarounds, including rerouting shipments through lower-tariff countries or tweaking products to qualify under 鈥渟ubstantial transformation鈥� rules.