Applauding the economical reforms unveiled by India, technology giant Apple’s CEO Tim Cook said the world’s third biggest smartphone marketplace presents a “really great business environment” going ahead.

Apple, manufacturer of the iconic iPhone, has been sharpening its concentrate on the the world’s biggest democracy as it sees India “rapidly becoming the fastest growing BRIC (Brazil, Russia, India and China) state”.

Describing India as a fast growing marketplace, Cook said in constant money, the increase was 48 per cent and sales from the state were up 38 per cent.

“So, it is a quite fast growing nation. And I believe the authorities in India is extremely interested in economic reforms and so forth that I believe all speak to a great business environment for the future,” Cook said on an investor call.

Cook said the firm is “placing increasingly more energy in India” and will continue to invest here for the long term.

“India’s increase, as you know, is quite great. It is rapidly becoming the fastest growing BRIC state. It is the 3rd biggest smartphone marketplace on the planet, behind China as well as the US,” Cook said.

After years of rocketing increase, Apple reported the slowest sales of its own market-leading iPhone for the quarter ended.

Comparing India with the Chinese marketplace, Cook said the people of India is not very old. Nearly half the folks in India are below 25. And so I see the demographics there also being very amazing for a consumer brand and for those who truly need the most effective products,” he said.

Cook said in constant money, the increase was 48 per cent and sales from India were up 38 per cent.

India is one of fastest growing handset markets worldwide and is poised to overtake the US shortly.