India proposes extending tax breaks for contract manufacturing in a boost for Apple

India has proposed extending tax exemptions until 2041 for ?foreign companies that provide machinery to contract manufacturers, handing a major win to Apple ?which had lobbied for such changes, and is fast expanding in the market. India has been a key market for Apple as it diversifies iPhone manufacturing beyond China, and the South Asian nation is set to make ?26% of the world’s iPhones in 2026, up from 6% four years ago, according to Counterpoint Research. According to a draft of the proposed tax amendments ?seen by Reuters, “to provide [tax] certainty” the government has extended tax breaks until…