It has been revealed that Apple Inc. has exported more than US$ 2.5 billion worth of iPhones from India during April-December 2022 of the current FY22-23, which is nearly twice the total of the last fiscal year.
The shipments of Apple’s marquee devices abroad by Foxconn Technology Group and Wistron Corporation are more than US$ 1 billion each in the first nine months of the current fiscal year 2022-23. Whereas Pegatron Corporation is on track to move around US$ 500 million worth of gadgets overseas by the end of January 2023.
India’s vast workforce, Prime Minister Mr. Narendra Modi’s support and a thriving local market make it a prime candidate to take on more electronics manufacturing. An important selling point is the abundance of new government incentives and the Prime Minister’s drive to make India a manufacturing hub. It should be noted that Foxconn, Apple’s largest supplier, began building facilities in the country more than five years ago in anticipation of a need to extend its geographic range and won US$ 44 million worth of benefits in the first year of the production-linked incentive scheme.
According to Bloomberg Intelligence estimates, around 3 million Apple devices were made in India in 2021. The low wages (50% lower than in China) and ample labour supply in India are amongst the benefits India offers to Apple’s iPhone supply chain. In addition to smartphones, India is also planning to boost financial incentives for tablet and laptop makers, hoping to attract Apple to make everything from earphones to MacBooks locally.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.