Neha BaruahGlobal Tech Growth
India has emerged as a hotspot for big tech growth, with companies like Apple, Google, and Meta witnessing significantly faster expansion in the country compared to their global performance. Over the last four fiscal years, this trend has solidified, driven by strategic investments and market opportunities.
Apple’s Growth in India
Apple India has demonstrated extraordinary growth in net income:
- FY21: 32%
- FY22: 3%
- FY23: 76%
- FY24: 23%
This sustained double-digit growth contrasts sharply with Apple’s global trajectory, where net income growth dropped from 64% in FY21 to a mere 3.3% in FY24. To capitalize on this momentum, Apple plans to open four new retail stores in major Indian cities, signaling its strong commitment to the Indian market.
Google’s Expanding Footprint in India
Google India has also shown impressive growth, with net income increasing from 14% in FY21 to 25% in FY24. Globally, however, Google’s net income growth slowed, dropping from 89% in FY22 to 23% in FY24.
Key initiatives by Google in India include:
- A $10 billion funding plan to support Indian developers and start-ups.
- Strategic collaborations with the Indian government on artificial intelligence and digital commerce.
These investments highlight Google’s long-term vision for India.
Meta’s Mixed Growth Trends in India
Meta’s global net income growth surged from 58% in FY21 to 68.5% in FY24. However, its Indian subsidiary, Facebook India, experienced a decline in income growth from 16% in FY21 to 8.8% in FY24.
Despite these challenges, Meta achieved:
- 131% income growth in FY22.
- 43% income growth in FY24.
Regulatory hurdles aside, Meta remains optimistic about India’s leadership potential in AI and continues to invest in the region.
India’s Promising Tech Future
Experts anticipate sustained growth in India’s tech sector, driven by:
- Proactive government policies.
- Robust consumer demand.
- Geopolitical shifts prompting global companies to invest in India.
For success, tech giants must navigate local regulatory landscapes and align with consumer preferences. Companies that adapt effectively are poised to thrive in this dynamic market.
Neha Baruah
