Apple sets record: iPhone exports under PLI double to US$ 10 billion in a year

In FY24, Apple achieved a groundbreaking milestone by exporting iPhones worth US$ 10 billion from India, marking a remarkable 100% increase compared to the previous fiscal year under the Production-Linked Incentive (PLI) scheme. This achievement not only represents the largest-ever export of a single branded product from India but also underscores Apple's strategic shift towards utilizing India as a hub for labour-intensive manufacturing exports. With iPhone exports accounting for 70% of its total production in FY24, Apple surpassed its committed export target under PLI for FY25 a year ahead, signalling a promising trajectory for future growth. Moreover, the Apple ecosystem's expansion in India has catalysed job creation, generating nearly 150,000 new direct jobs and approximately 300,000 additional indirect jobs since the inception of the PLI scheme.

Additionally, Apple's robust performance in India extends beyond export success, with its revenue expected to surge by over 30% in FY24 compared to the previous fiscal year. Despite its accelerating presence in the Indian market, Apple's domestic revenue for FY23 only constituted 1.5% of its global turnover, reflecting the company's focus on leveraging India primarily for export-driven manufacturing rather than domestic sales. Recognizing the plateauing domestic market for mobile phones, particularly in the mid-range segment, industry associations advocate for prioritizing exports as the key driver to achieve the ambitious US$ 100 billion mobile production objective by 2026-27, positioning Apple as a pivotal player in India's mobile manufacturing landscape.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.