NEW YORK — Applauding the economic reforms unveiled by India, tech giant Apple's CEO Tim Cook said the world's third largest smartphone market presents a "very good business environment" going ahead.

Apple, maker of the iconic iPhone, has been sharpening its focus on the world's largest democracy as it sees India "quickly becoming the fastest growing BRIC (Brazil, Russia, India and China) country."

Describing India as a rapidly expanding market, Cook said revenues from the country were up 38 percent and in constant currency, the growth was 48 percent.

"So it's a very rapidly expanding country. And I think the government in India is very interested in economic reforms and so forth that I think all speak to a really good business environment for the future," Cook said on an investor call.

Recently, Apple has sent an application to the Department of Industrial Policy and Promotion for approval for setting up retail outlets in India.

Cook said the company is "putting increasingly more energy in India" and will continue to invest here for the long-term.

"India's growth, as you know, is very good. It's quickly becoming the fastest growing BRIC country. It's the third largest smartphone market in the world, behind China and the U.S.," Cook said.

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