Apple, based in the United States, has reportedly reached a major milestone in iPhone exports from India, crossing the Rs 1 lakh crore mark in 2024. According to a report by ET, shipments have surged to $12.8 billion (around Rs 1.08 lakh crore), representing a 42% increase compared to the previous year.
This growth highlights the effectiveness of India’s Production-Linked Incentive (PLI) scheme, designed to boost smartphone manufacturing.
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Preliminary data indicates that Apple’s local production in India also saw a significant rise, climbing by about 46% to hit $17.5 billion (roughly Rs 1.48 lakh crore) this year. Experts believe that the surge in exports is due to a mix of factors, including Apple’s expansion in retail, increased local value addition—some iPhone models now contain up to 20% locally sourced components—and the growing demand for high-end smartphones in India. When the PLI program began, the local content in iPhones was just 5-8%.
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Looking ahead, analysts suggest that if this trend continues, Apple’s total production in India could reach $30 billion in a few years, potentially increasing the country’s share of global iPhone production from 14% to more than 26%.
In addition to ramping up production, Apple has made substantial investments in its Indian operations. This includes opening new retail outlets, enhancing its supplier network, and ensuring compliance with local regulations. This shift towards more localized manufacturing has resulted in the creation of 175,000 direct jobs, with women accounting for over 72% of these positions.