The manufacturing of iPhone 14 in India within weeks of the global launch demonstrates the maturity of Apple's manufacturing capabilities in the country, according to Moody's Investors Service.

Increasing volumes of locally-manufactured iPhones will also accelerate Apple's expansion strategy in India, Raj Joshi, Senior Vice President, Corporate Finance Group, Moody's said.

 The Indian smartphone market's large size and strong growth prospects as the country unveils its 5G network "make it an attractive long-term market for Apple", according to a note by Moody's.

 "Apple's plan to manufacture iPhone 14 products in India is credit positive because it will diversify its manufacturing base that is highly concentrated in China," Joshi said.

 Moody's in its commentary on Apple's plans to manufacture iPhone 14 products in India further observed that Apple has produced iPhones in India since 2017 "...But the manufacturing of iPhone 14 within weeks of their global launch demonstrates the maturity of the company's manufacturing capabilities in India that we expect to ramp up quickly."

 Moody's said Apple had less than five per cent unit share of the smartphone market in India, the second-largest smartphone market by unit volumes, and iPhone sales in India nearly doubled in June 2022 quarter over prior year.

 The commentary assumes significance given that Apple has begun manufacturing its marquee new iPhone 14 in India as the global tech giant taps into production prowess outside of China.