Apple of our 'I'! Rs 9,000 crore 'Make in India' boost - iPhone exports double; Rs 1 lk cr mark coming soon

apple of our 'i'! rs 9,000 crore 'make in india' boost - iphone exports double; rs 1 lk cr mark coming soon

apple of our 'i'! rs 9,000 crore 'make in india' boost - iphone exports double; rs 1 lk cr mark coming soon

In a remarkable surge, Apple's exports of iPhones manufactured in India have nearly doubled, signalling a robust start to the fiscal year 2025. Official data reviewed by ET reveals that in April alone, exports reached $1.1 billion (Rs 9,000 crore), a substantial increase from $580 million recorded a year ago. This uptick in April, typically considered a low-export month due to fewer festive sales globally, reflects India's growing significance in Apple's global supply chain.

Experts anticipate that Apple is poised to hit the monumental Rs 1 lakh crore export mark in FY25, positioning India as the tech giant's second-largest manufacturing hub for iPhones outside China. Currently, iPhones are exclusively manufactured in India and China, with production gradually shifting to India. It's estimated that 14-15% of iPhone production has already migrated to India, a figure expected to rise to 26% by 2026.

Top Exporter: Foxconn

The lion's share of India-made iPhone exports is attributed to Taiwan-based Foxconn, the world's largest contract manufacturer, accounting for over 70% of exports, followed by Wistron (27%) and Pegatron. Wistron, now under the Tata Group's ownership, and Pegatron, in talks for a majority stake sale to the Indian conglomerate, also contribute to Apple's global supply chain.

According to the report, Apple's success in India is buoyed by the Production Linked Incentive (PLI) scheme, where its three contract manufacturers benefit. These manufacturers, including Foxconn, have consistently met PLI targets, positioning Apple to exceed expectations yet again in FY25.

Domestic Market Growth

Despite the focus on exports, Apple's domestic market share in India is on a rapid ascent, witnessing over 38% year-on-year growth. With a goal of achieving a double-digit smartphone market share, Apple is leveraging its expanding local manufacturing operations and partnerships with retailers across the country.

The Apple ecosystem, comprising iPhone manufacturers and multiple vendors, has been instrumental in generating over 150,000 new jobs since the launch of the PLI scheme. This growth underscores India's emergence as a key player in global electronics manufacturing and export.

As Apple doubles down on its commitment to India amid geopolitical tensions and market shifts, the country's electronics exports, particularly in the mobile phone segment, have surged, making it the fifth-largest export category. With the PLI scheme entering its fourth year, India's electronics export trajectory is poised for further growth, driven by the success of companies like Apple.

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