The PLI scheme has significantly boosted Apple's iPhone exports from India, reaching a remarkable USD 5 billion in the first five months of the current fiscal year (2024). This marks a substantial 50 per cent increase in sales when compared to the same period last year.
With the upcoming production of the flagship iPhone Pro and Pro Max models in India, industry experts have predicted a further surge in iPhone exports during the festive season and beyond.
The new iPhone 16 series is set to go on sale on September 20 in India, which will further offer attractive financing options and other incentives. Union Minister Ashwini Vaishnaw has further confirmed that Apple's latest iPhone 16 is being manufactured and launched globally from Indian manufacturing plants.
The minister posted on X (formerly known as Twitter) social media platform: “Prime Minister Narendra Modi’s ‘Make in India’ initiative is now driving the creation of iconic products for the world.”
iPhone exports continue to clock around USD 1 billion each month thanks to the government’s PLI scheme. The iPhone exports from India surged sharply to USD 12.1 billion in 2023-24 from USD 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 (2023), Apple clocked almost 10 million iPhone sales in India, the highest ever in the country. This year, the figure is set to grow to over 13 million units.
iPhone factories in India 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 further aims to shift some of the production from China.
Tata Electronics, which runs two plants for Apple, is the biggest job creator in the Apple ecosystem, along with Foxconn and Pegatron.
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Inputs from IANS
