Apple aims to produce iPhones worth nearly ₹1 trillion in India by the end of the fiscal year in March 2024. With increased capacity at its manufacturing partners, the company has already achieved over ₹60,000 crore production in the first seven months.
If Apple fails to reach the ₹1 trillion milestone this fiscal year, experts predict that it will achieve this goal in the first quarter of FY25. Despite Apple’s efforts to meet the festive demand in the US and the West, global headwinds and decreased consumption, especially in electronics, have affected sales. It is worth noting that around 70% of iPhones manufactured in India are exported. In the current fiscal year, Apple has already exported ₹40,000 crore ($5 billion) worth of iPhones between April and October.
In the fiscal year 2023, the iPhone achieved a significant milestone by becoming the first single brand to surpass $5 billion in exports from India. Apple has continued to experience impressive growth in exports this year, with a remarkable 185% year-on-year increase in the first seven months. In the period from April to October of the previous year, Apple had exported iPhones worth Rs 14,000 crore.
Apple’s production in India is carried out by Foxconn and Pegatron, both based in Tamil Nadu, as well as Wistron (now owned by Tata group) in Karnataka. This is part of the production-linked incentive (PLI) scheme for smartphone manufacturing. These companies manufacture iPhone models ranging from 12 to 15.
Under the PLI scheme, beneficiaries are obligated to provide the government with quarterly reports on production, exports, investments, and employment data. Swarajyamag