In 2023, Apple will assemble iPhones worth more than Rs 1 lakh crore in India, according to industry data. IANS reported on Tuesday that Apple exported ‘Made in India’ iPhones worth approximately Rs 65,000 crore out of Rs 1 lakh crore.
The actual market value of iPhones manufactured/assembled in India may be higher, depending on taxes in other countries, according to industry sources.
According to the Economic Times, Apple’s manufacturing in India is part of the production-linked incentive scheme (PLI) set for the country.
According to the India Cellular and Electronics Association (ICEA), mobile phone exports from India reached billion (more than Rs 75,000 crore) from April to November this fiscal year.
In the current fiscal year (FY24), India is expected apple iPhones made in india to be exported mobile phones worth over billion (over Rs 1,24,000 crore), a 35 percent increase from the previous year.
During FY23, Apple’s revenue in India was nearly Rs 50,000 crore, with sales increasing 48 percent to Rs 49,321 crore, and net profit rising 76 percent to Rs 2,229 crore — Apple’s fastest growth in net profit in the past five years.
Apple iPhones were expected to dominate the Android-dominated smartphone market in India in 2023 due to domestic manufacturing.
Thanks to heavy investment from original equipment manufacturers, original design manufacturers, and component and parts companies, the country is now the second-largest mobile phone manufacturing hub in the world.
Compared to the previous fiscal year, mobile phone exports are expected to account for about 58 percent of overall electronics exports in FY24.
It aims to shift some of its production out of China by manufacturing more than 50 million iPhones in India per year.
In two to three years, Apple hopes to reach the target, with additional tens of millions of units planned afterward, according to reports.
According to a Wall Street Journal report from December, China will remain the largest iPhone producer.
By manufacturing in the country, companies like Apple and Foxconn aim to diversify their supply chains and scale up production.
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