PLI booster: Apple iPhone exports hit record Rs 2 lakh crore in FY26

India’s iPhone exports reached a record ₹2 lakh crore in FY26 under the PLI scheme, making Apple the top branded export contributor. Strong manufacturing growth boosted smartphone shipments, while Apple also announced leadership change with John Ternus replacing Tim Cook

New Delhi: India’s iPhone exports hit a record Rs 2 lakh crore in FY26 — the country’s single largest branded export ahead of diamonds, automotive fuel, and medicines — in the final year of the government’s production-linked incentive (PLI) scheme for large-scale electronics manufacturing.

According to vendor data submitted to authorities, this has made Apple the largest branded export across all categories under the Harmonised System (HS) classification, which spans more than 5,000 globally traded product groups.

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Overall smartphone exports from India stood at approximately Rs 2.6 trillion ($29.4 billion) during the period, with iPhones contributing over 75 per cent (over $22 billion). Automotive diesel fuel — the second-largest export category — stood at $14.53 billion, well behind iPhones. Diamonds followed at $11.23 billion, while medicines and motor gasoline accounted for $9.98 billion and $8.5 billion, respectively.

Apple’s rapid scale-up has positioned it as a key driver of India’s manufacturing ambitions under the ‘Make in India’ initiative. Moreover, iPhone exports have expanded sharply since the rollout of the PLI scheme, rising from negligible levels to Rs 2 lakh crore within five years.

Shipments were valued at Rs 9,351.6 crore in FY22, increasing to Rs 44,269.5 crore in FY23, before accelerating to Rs 85,013.5 crore in FY24. Exports then jumped to Rs 1.5 lakh crore in FY25, and grew a further 33 per cent in FY26 (April–February), despite geopolitical tensions and trade disruptions.

In a separate major development, Apple announced that John Ternus will succeed Tim Cook as chief executive officer effective September 1, 2026. Cook — who has led Apple since 2011 — will transition to the newly created role of executive chairman, where he will engage with global policymakers and assist with select company matters, according to Apple.

Cook had previously dismissed speculation about a leadership change, calling such reports “a rumour” and reaffirming his commitment to leading the company.’