Tim Cook, CEO of Apple Inc., applauded Narendra Modi’s demonetisation initiative as a great move.

The CEO of Apple announced in the first quarter fiscal year 2017 earnings release conference call, despite the Demonetization move in India, the US-based iPhone maker performed very well in the Indian market.

Cook on Monday said: “Despite the Demonetization move in India that created lots of economic pressures in the last quarter of the year, despite these, we had (an) all-time record revenue results and so we were very happy about this.”

He also added: “In the longer term, this is a magnificent move, and I feel really good about how we are performing in the Indian market.” 

Apple’s Chief Financial Officer Luca Maestri exclaimed that the company had established a new all-time record in most of the developed countries with strong growth rates in US, France, Brazil, Australia, India, Turkey, and Russia. He also said the iPad and the Macs did very well in the Indian market.

Cook revealed Apple sold as many as 5.4 million Macs and generated its highest-ever quarterly Mac revenue. Also, Apple sold 13.1 million iPads in India and China.

Describing India as a great market, Tim Cook said Apple will make significant investments in the Country going forward.

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