The golden Apple.

"India's economy is on track to surpass the $4 trillion mark in the current financial year, Chief Economic Advisor V Anantha Nageswaran said. Apparently, India passed the $3.9 trillion in March 2025. "India is currently the fifth largest economy in the world." ET. A great relief because, "On the surface, electronics exports surged 19%, led by a robust $2.4 billion in smartphone shipments." With "Apple iPhones accounting for $1.6 billion in October." But, "Most other export categories shrank sharply and several of India's key markets are increasingly dominated by Chinese goods." ET. "Apple has reportedly achieved a record $10 billion (approximately Rs 887.30 billion) in iPhone exports from India during the first six months of the current fiscal year," and, "In FY25, Apple through its vendors produced $22 billion worth of iPhones, of which 80% or $17.5 billion worth of made-in-India iPhones were exported." TOI. All that is nice, but we can claw much, much more out of Apple. "Apple Inc is facing an unprecedented legal challenge that could result in a staggering $38 billion fine in India." "The dispute began in 2022 when Match Group, the parent company of Tinder, and several Indian startups filed complaints with the CCI (Competition Commission of India)," alleging that "Apple forced developers to use its in-app purchase system and charged up to 30% commission." A new law in 2024 empowers the CCI to levy a fine up to 10% of the company's global turnover. semicone.com. Apple has filed an appeal at the Delhi High Court challenging the fine arguing that a fine based on its global turnover would be "manifestly arbitrary, unconstitutional, grossly disproportionate, unjust." Reuters. The CCI is applying the law, which was enacted in 2024, retrospectively to a complaint made in 2022. "Apple cited the CCI's use of the new rules for the first time on November 10 in an unrelated case, where they were retrospectively applied to a violation by the affected company a decade earlier." India has tried this before with humiliating results. In 2020, Cairn Energy "won an international arbitration case against the Indian government over a tax dispute," when a tribunal unanimously "awarded Cairn damages of $1.2 billion plus interest and costs." Reuters. When India refused to pay, Cairn Energy "secured a French court order to seize some 20 government properties in Paris to recover a part of the $1.7 billion due from New Delhi." NDTV. In September 2020, Vodafone announced it had won an international arbitration against India's retrospective tax demand of $2 billion. Reuters. In 2024, instead of applying a new law retrospectively, the government attempted to change the wording of the Goods and Services Act 2017 retrospectively, from "plant or machinery" to "plant and machinery" in a case against Safari Retreats. TOI. The Supreme Court ruled against the government in 2024 and dismissed the review petition in 2025. Grant Thornton. There is another potential flashpoint between Apple and the Indian government. "In a directive.., India's Ministry of Communications mandated that the government's 'Sanchar Saathi' must be preinstalled on all new smartphones sold in India within 90 days." Apple is reportedly refusing to comply. Forbes. All children are probably familiar with "The Goose & the Golden Egg" (Aesop). In this case, an Apple.