Union Minister for Railways, Electronics and IT and I&B, Ashwini Vaishnaw, has recently stated that the aim of the production-linked incentive (PLI) scheme which will build scale in domestic manufacturing, as Apple Inc, exceeded its export targets in the first four months of the current fiscal.
The tech giant exported 85 per cent of the freight-on-board production value of its iPhones, which is worth more than Rs 40,000 crore, in the April-July period this year (2024).
“Make in Bharat for the World has become a reality,” Minister Vaishnaw posted on X social media platform.
Apple registered about USD 8 billion in revenue in India in the last fiscal year (FY24). Driven by the PLI scheme of the government, Apple's iPhone market in the country is all set to reach 7 per cent by the end of this year, surpassing USD 9 billion in revenue.
The tech giant achieved record export numbers of around USD 3.8 billion in the April-June period (Q2 FY25) in the country.
According to industry experts, the long-term growth outlook remains positive with Apple being well-positioned to capitalise on India's growth trajectory over the next decade. In 2023, Apple achieved a milestone of 10 million shipments in one full year.
According to Apple CEO Tim Cook, the company set a quarterly revenue record in India in the June quarter. “And we set an all-time revenue record in services, which grew 14 per cent,” Cook told analysts during the company’s quarterly results.
According to industry estimates, iPhone shipments are projected to increase by over 20 per cent this year on the back of domestic manufacturing support and strong distribution.
Meanwhile, the tech giant is set to make its ‘Make in India’ iPhone 16 Pro and 16 Pro Max models available in the country right after the global launch this fall. iPhone 16 is set to be made available on the first day of global sales in India, just like last year when the iPhone 15 arrived in the domestic market on the very first day of the global sale. It will be shortly followed by iPhone 16 Plus models.
The company is attracting many first-time users for its newly launched iPhones in India.
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Inputs from IANS
