Led by Apple, India is set to cross $15 billion (over Rs 1,24,000 crore) in mobile phone exports in the current fiscal year …reports Asian Lite News
As India doubles down on local manufacturing, Apple assembled iPhones worth more than Rs 1 lakh crore in India in 2023, according to industry data.
Industry sources told IANS on Tuesday that out of Rs 1 lakh crore, Apple exported iPhones worth approximately Rs 65,000 crore to other countries.
However, according to industry sources, the actual market value of the iPhones manufactured/assembled in India could be much higher, depending on taxes in other countries.
The Economic Times was first to report about Apple’s manufacturing data in the country. Apple’s manufacturing in India is part of the goals set under the production-linked incentive (PLI) scheme.
Riding on the local manufacturing growth, mobile phone exports from the country surpassed $9 billion (more than Rs 75,000 crore) from April to November in the current fiscal year, according to the India Cellular and Electronics Association (ICEA).
Led by Apple, India is set to cross $15 billion (over Rs 1,24,000 crore) in mobile phone exports in the current fiscal year (FY24), posting a growth of 35 per cent over the last fiscal year.
Apple’s revenue in India hit nearly Rs 50,000 crore in FY23, with sales increasing 48 per cent to Rs 49,321 crore and net profit rising 76 per cent to Rs 2,229 crore — fastest growth of net profit for Apple in India in the last five years.
Driven by domestic manufacturing, Apple iPhones were set to garner around 7 per cent market share in the Android-dominated smartphone market in India in 2023.
The country is now the second-biggest manufacturing hub for mobile phones due to heavy investment from original equipment manufacturers, original design manufacturers and companies dealing in components and parts.
The mobile phone exports are anticipated to account for about 58 per cent of the overall electronics exports in FY24, compared to around 47 per cent in the previous fiscal year.
Apple is aiming to manufacture more than 50 million iPhones in India per year, as it aims to shift some of the production out from China.
The tech giant aims to achieve the target within the next two to three years, with additional tens of millions of units planned after that, according to reports. If Apple achieves this target, India would account for a quarter of global iPhone production.
China will still remain the largest iPhone producer, a Wall Street Journal report mentioned in December.
From Apple to Foxconn, the companies are aiming to leverage domestic capabilities to achieve supply chain diversification and scale up production by manufacturing in the country.