Demonetisation great move for India in the long run: Apple CEO Tim Cook

Cook, in first quarter fiscal year 2017 earnings release conference call, said despite the demonetisation exercise, US-based iPhone maker performed well in the Indian market.

Demonetisation great move for India in the long run: Apple CEO Tim Cook

Apple CEO Tim Cook on Wednesday commended the Centre's demonetisation drive, saying that the Indian government's policy is a "great move" in the longer term. Cook also emphasised the company's strong intention to "invest significantly" in the country.

Cook, in first quarter fiscal year 2017 earnings release conference call, said despite the demonetisation exercise, US-based iPhone maker performed well in the Indian market.


Asked about the company's performance in India during its fiscal 2017 first quarter ended December 31, 2016, Cook 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."

He said the impact of demonetisation has not worked its way through yet and it is "still definitely having some overhang."

"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 added.

Cook said Apple will make significant investments in the country going forward. India is a "great" market, he described.

The Indian government had last year in November withdrawn from circulation the highest denomination currency notes of Rs 1,000 and Rs 500 in an effort to curb black money.

Apple's chief financial officer Luca Maestri said the company established new all-time revenue records in most developed and emerging markets, with strong growth rates in many countries, including the US, Japan, Canada, France, Australia, Brazil, India, Turkey, and Russia.