India's iPhone exports rang louder at Rs. 1,50,000 crore (US$ 17.47 billion) in FY25, 2x the Production-Linked Incentive (PLI) target

Apple Inc. exported iPhones worth a record Rs. 1,50,000 crore (US$ 17.47 billion) (Free on Board value) from India in FY25, registering a 76% YoY rise and exceeding its target under the Production-Linked Incentive (PLI) scheme for mobile devices, which stood at Rs. 74,900 crore (US$ 8.72 billion). This performance also marked a significant leap from FY24, when iPhone exports were valued at Rs. 85,000 crore (US$ 9.90 billion). Apple is estimated to have contributed nearly 75% of India’s total smartphone exports in FY25, which crossed Rs. 2,00,000 crore (US$ 23.29 billion). The company shipped an average of Rs.12,500 crore (US$ 1.46 billion) worth of iPhones per month in FY25, compared to Rs. 7,083 crore (US$ 824 million) in FY24. A new quarterly record was set in Q4 FY25, with exports of Rs. 55,000 crore (US$ 6.40 billion), including Rs. 20,000 crore (US$ 2.33 billion) in March alone to build inventory for the United States (US) market. 

India’s smartphone exports grew over 53% in FY25 from Rs. 1,30,000 crore (US$15.14 billion) in FY24, with other contributors including Samsung and merchant exporters. Apple’s share increased from 66% in FY24 to 75% in FY25. Shipments to the US market reached Rs. 85,880 crore (US$ 10 billion), up 78% from Rs. 48,092 crore (US$ 5.6 billion) in FY24. However, the outlook for FY26 remains uncertain due to a recently imposed 26% US tariff on Indian imports. Since the launch of the smartphone PLI scheme in FY21, India’s smartphone exports have surged almost tenfold—from Rs. 22,686 crore (US$ 2.64 billion) in FY21 to Rs. 2,00,000 crore (US$ 23.29 billion) in FY25. In FY15, smartphones were ranked 167th among Indian exports but climbed to the second position by December FY25. Recognising the sector's momentum, the government introduced the Rs. 22,919 crore (US$ 2.67 billion) Electronics Component Manufacturing Scheme in March FY25 to build a local component ecosystem, attract investments, and strengthen India's integration into global value chains. 

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