Apple hits $5 billion in iPhone exports from India due to PLI scheme
Industry data shows a growth of over 50% in exports compared to the first five months of FY24. With the upcoming production of the flagship iPhone Pro and Pro Max models in the country, analysts predict a significant increase in iPhone export value during the festive quarter and the months to follow.
New Delhi: Driven by the production-linked incentive (PLI) scheme, Apple has reached around $5 billion in iPhone exports from India in the April-August period this fiscal.
According to industry data, this is a growth of over 50 per cent from the same period of first five months in FY24.
With the country set to commence production of the flagship iPhone Pro and Pro Max models, the value of iPhone exports is going to jump further in the festive quarter and months ahead, according to the industry analysts.
The new iPhone 16 series will be available in the country from September 20 at attractive financing options and other offers.
According to Union Railways and Electronics and IT Minister, Ashwini Vaishnaw, Apple’s latest iPhone 16 is being produced and launched globally from the Indian manufacturing plants.
“Prime Minister Narendra Modi’s ‘Make in India’ initiative is now driving the creation of iconic products for the world,” the minister posted on X social media platform.
iPhone exports continue to clock around $1 billion each month thanks to the government’s PLI scheme. The iPhone exports from India surged sharply to $12.1 billion in 2023-24 from $6.27 billion in 2022-23. Overall, the company’s India operations reached 23.5 billion dollars in value in the last fiscal (FY24).
The company’s revenues in India are likely to grow 18 per cent (year-on-year) in 2024 and the new iPhone 16 series would help the company further solidify its presence in the country, along with boosting its exports figures.
Last year, Apple clocked almost 10 million iPhone sales in India, its highest ever in the country. This year, thus figure is set to grow to over 13 million units.
iPhone factories in the country are set to hire more than 10,000 people directly in the peak festival period. Apple aims to manufacture more than 50 million iPhones in India per year, as it aims to shift some of the production out from China.
Tata Electronics, which runs two plants for Apple, is the biggest job creator in the Apple ecosystem, along with Foxconn and Pegatron.
