Friday, July 19, 2024

Apple exports iPhones worth over Rs 16,500 crore from India in April-May


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Shillong, June 12: Buoyed by the production-linked incentive (PLI) scheme of the Prime Minister Narendra Modi-led government, Apple has managed to export iPhones worth more than Rs 16,500 crore (nearly $2 billion) in the first two months of the ongoing financial year (FY25), shows industry data.


According to the data, this accounts for more than 80 per cent of the country’s total production/assembly of iPhones.


The key Apple suppliers (including Foxconn which leads the total exports at about 65 per cent) have strengthened their supply chains in recent months.


Apple ended FY24 in India with a total iPhone production at around $14 billion (more than Rs 1 lakh crore), and the market value of these iPhones would be nearly $22 billion.


Showcasing domestic manufacturing strength, Apple has doubled down on iPhone production in India and one out of seven iPhones in the world is now being manufactured in the country, according to PM Modi.


India is now the second-largest mobile phone manufacturer in the world.


In a recent interview with NDTV, the Prime Minister said that one out of seven iPhones in the world is now being manufactured in India.


“We are also exporting a record number of the Apple product which is a stellar example of the PLI scheme’s success,” PM Modi noted.


Around 25 per cent of all iPhones are to be made in India by 2028.


The iPhone maker had a record first-quarter shipment in the country, growing by 19 per cent (year-on-year).


Apple shipped approximately 10 million iPhones in India last year, accounting for 7 per cent of the market share.


Led by mobile phones, the export of electronic goods from India has seen a meteoric rise in the last 10 years.


Meanwhile, the Cupertino-based giant is also deepening its ecosystems by building a network of local vendors, thus lowering its dependence on China, while creating lakhs of jobs in the country.


In the Apple ecosystem in the country, more than 1.5 lakh people have got employment to date.


The company clocked strong double-digit growth in India in the March quarter this year. (IANS)


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