The Indian government won't allow Apple to sell refurbished iPhones in the country, according to a report from Bloomberg. Apple is currently working to open retail stores in India to expand its market presence, and selling low-cost refurbished iPhones is another part of that strategy. Apple's opponents claim that allowing the company to sell used phones in the country could undermine the successful government-sponsored Make in India program, which encourages companies to manufacture their products in the country.
As Apple's iPhone growth slows, the company will be looking to new markets to fuel future growth—the strategy certainly worked in China, where Apple's sales grew by leaps and bounds in 2014 and 2015 before leveling off and declining in the first two quarters of 2016.
"India will be the most populous country in the world in 2022," Apple CEO Tim Cook told CNBC's Jim Cramer in an interview yesterday. "And this year, the first year, LTE begins to roll out. And so many of your viewers here in the United States, they're used to using LTE and streaming video. And hopefully they're getting a good experience there. In India you can't do that long—there is no LTE. And so that's changing. Huge market potential."