As India doubles down on local manufacturing, Apple assembled iPhones worth more than ₹1 lakh cr in India in 2023, according to industry data.

Industry sources told agencies today that out of ₹1 lakh cr, Apple exported iPhones worth approximately ₹65,000 cr 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.

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 bn (more than ₹75,000 cr) 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 bn (over ₹1,24,000 cr) in mobile phone exports in the current fiscal year (FY24), posting a growth of 35% over the last fiscal year.

Apple’s revenue in India hit nearly ₹50,000 crore in FY23, with sales increasing 48% to ₹49,321 cr and net profit rising 76% to ₹2,229 cr - fastest growth of net profit for Apple in India in the last five years.

Apple in India’s mobile phone market

Driven by domestic manufacturing, Apple iPhones were set to garner around 7% 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% of the overall electronics exports in FY24, compared to around 47% in the previous fiscal year.

Apple is aiming to manufacture more than 50 m (5 cr) 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, as per a news report in December 2023.

(Source: IANS)

- Edited for style

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