Boost to Make in India: Apple way ahead of PLI scheme commitments
- IBEF
- December 12, 2023
In a notable achievement under the "Make in India" initiative, Apple Inc. successfully assembled iPhones with a Freight-on-Board (FOB) value exceeding Rs. 60,000 crore (US$ 7.19 billion) during the initial seven months of the fiscal year 2023-24. This accomplishment represents 81% of the collective target of Rs. 74,000 crore (US$ 8.87 billion) set for the year by its three manufacturing partners under the Production-Linked Incentive (PLI) scheme for mobile devices. Notably, a substantial 70% of this value is attributed to exported iPhones manufactured in India.
Three major vendors—Foxconn, Pegatron, and Wistron (now Tatas-owned)—have reported assembling iPhones worth over Rs. 60,000 crore (US$ 7.19 billion) in the first seven months of FY24 under the PLI scheme. This surpasses 81% of their combined Rs. 74,000 crore (US$ 8.87 billion) target. Projections indicate a potential FOB value of Rs. 90,000 crore (US$ 10.79 billion) to Rs. 1 trillion (US$ 11.99 billion) by FY24 end, exceeding their commitments. The surge is driven by a substantial 177% YoY growth in iPhone exports from India, reaching Rs. 416.85 billion (US$ 4.9 billion) in the first seven months of FY24. This growth significantly contributes to Apple's goal of shifting 18-20% of iPhone production to India by FY26.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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