In a significant boost to India’s electronics manufacturing sector, Apple Inc. has reported a remarkable surge in iPhone exports, exceeding Rs 16,500 crore (nearly $2 billion) within the first two months of the ongoing financial year (FY25).
The data, sourced from industry reports, underscores the profound impact of the production-linked incentive (PLI) scheme spearheaded by Prime Minister Narendra Modi’s administration.
According to the available statistics, Apple’s export figures constitute over 80 percent of the country’s total iPhone production and assembly during this period.
This achievement reflects the successful alignment of Apple’s manufacturing strategies with the incentives provided by the Indian government.
Leading Apple suppliers, including Foxconn, have played a pivotal role in strengthening their supply chains, thereby contributing significantly to the surge in iPhone exports.
Notably, Foxconn alone accounts for approximately 65 percent of the total exports, underscoring the robustness of India’s manufacturing ecosystem.
PM Modi reaffirmed Apple’s commitment to bolstering iPhone production in India, revealing that the country now manufactures one out of every seven iPhones worldwide.
India has ascended to become the world’s second-largest mobile phone manufacturer, a testament to its burgeoning manufacturing capabilities.
In a recent interview with NDTV, Prime Minister Modi hailed the success of the PLI scheme, citing Apple’s record-breaking export numbers as a prime example.
He emphasized that India’s export prowess in Apple products underscores the scheme’s effectiveness in attracting investment and driving economic growth.
Meanwhile, India aims to further solidify its position as a key player in the global electronics market, with plans to manufacture 25 percent of all iPhones by 2028.
The momentum is further bolstered by Apple’s record first-quarter shipments in the country, marking a remarkable 19 percent year-on-year growth.
Despite facing stiff competition, Apple managed to capture a significant market share in India, shipping approximately 10 million iPhones last year, which accounted for 7 percent of the total market share.
This achievement underscores India’s growing significance as a lucrative market for premium smartphone brands.
The surge in electronic goods exports, particularly mobile phones, signifies India’s remarkable transformation into a global manufacturing hub.
Apple’s continued investment in India’s manufacturing ecosystem is not only reducing its dependence on China but also creating employment opportunities for millions across the country.
In line with its expansion plans, Apple has been actively building a network of local vendors, facilitating job creation and economic empowerment.
To date, over 1.5 lakh individuals have found employment within the Apple ecosystem in India, further fueling the country’s economic growth trajectory.
Meanwhile, Apple’s exponential growth in India underscores the transformative impact of government incentives on the country’s manufacturing landscape.
With robust export figures and a burgeoning manufacturing ecosystem, India is poised to emerge as a global powerhouse in the electronics sector, with Apple leading the charge towards a brighter, more prosperous future.
Also Read: Reports: India Leads APAC With Strongest Employment Outlook In Q3 2024
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