Apple Triumphs with $5 Billion iPhone Exports from India: A Monumental Achievement in Just 5 Months
Apple’s iPhone Exports from India Surge to $5 Billion, Poised for Further Growth
Shillong, September 11: Driven by India’s production-linked incentive (PLI) scheme, Apple has achieved $5 billion in iPhone exports from India between April and August this fiscal year, marking a growth of over 50% from the same period last year.
Industry analysts predict a significant boost in exports with the commencement of production for the flagship iPhone Pro and Pro Max models ahead of the festive quarter. The new iPhone 16 series, set for a September 20 release in India, is expected to further accelerate this momentum with attractive financing options and offers.
Union Railways and Electronics and IT Minister, Ashwini Vaishnaw, highlighted that Apple’s latest iPhone 16 is being produced and launched globally from Indian manufacturing plants, aligning with Prime Minister Narendra Modi’s ‘Make in India’ initiative. The minister emphasized on X (formerly Twitter) that this initiative is driving the creation of iconic products for the global market.
Thanks to the government’s PLI scheme, iPhone exports from India now clock around $1 billion each month. The fiscal year 2023-24 witnessed a sharp surge in exports to $12.1 billion, compared to $6.27 billion in 2022-23. Overall, Apple’s India operations reached a value of $23.5 billion in FY24.
Projections indicate a 18% year-on-year growth in Apple’s India revenues in 2024, bolstered by the new iPhone 16 series, which also aims to solidify Apple’s market presence in the country. Apple achieved nearly 10 million iPhone sales in India last year, and this figure is set to grow to over 13 million units this year.
In preparation for peak festival demand, iPhone factories in India are set to hire over 10,000 people directly. Apple’s ambition to manufacture over 50 million iPhones in India annually is part of its strategy to reduce reliance on Chinese production.
Leading job creators in the Apple ecosystem in India include Tata Electronics, which operates two plants, alongside Foxconn and Pegatron. (IANS)
Original Story https://theshillongtimes.com/2024/09/11/apple-reaches-5-billion-in-iphone-exports-from-india-in-april-august-period/
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