Apple has reached a major milestone, with its iPhone production in India surpassing $10 billion in Freight-on-Board (FOB) value during the first seven months of the 2024-25 financial year, as reported by Business Standard. This marks a 37 percent growth compared to the same period last year.
Union Minister Ashwini Vaishnaw announced the same on social media, pointing out that $7 billion worth of iPhones were exported out of the overall manufacturing.
"Yet another milestone for Smartphone PLI Scheme in seven months: $10 billion iPhone production by Apple with $7 billion exports," Vaishnaw wrote on X, calling the achievement a "milestone."
Exports and Revenue Growth
The California-based tech giant, Apple, achieved Rs 60,000 crore (approximately $7 billion) in iPhone exports from India during the first seven months of the current fiscal year (FY25). According to industry data, the company exported iPhones at nearly Rs 8,450 crore (about $1 billion) per month between April and October. In the July-September period, Apple reached an all-time revenue high in India.
"We are thrilled by the excitement in India, where we set a new revenue record. This has been an extraordinary year of innovation at Apple," said CEO Tim Cook.
Contribution of PLI Scheme and Manufacturing Partners
Apple's growth in India aligns with the government's smartphone production-linked incentive scheme, which promotes large-scale electronics manufacturing. This initiative has generated Rs 1.10 lakh crore in revenue for the government, 19 times its original investment. Led by Samsung and Apple, the scheme has boosted production, exports, and job creation. Foxconn, Apple's largest supplier, contributed 56% of the $10 billion FOB value, while Tata Electronics, which increased production following its acquisition of Wistron, accounted for 30%.
Boost in Jobs
The union minister noted that in the last four years, Apple has created up to 175,000 new direct jobs, with women making up more than 70% of these positions. Government data reveals that by the end of October 2024, electronics exports reached a record $19.1 billion in a seven-month period, marking a 24% increase from the sector's previous export total of $15.4 billion.
India's Growing Role in the Global Electronics Supply Chain
Apple's exponential growth in India highlights the country's emergence as a significant hub for global smartphone production, driven by initiatives like the government's production-linked incentive scheme. With record-breaking exports, increased job creation—particularly empowering women—and robust manufacturing capabilities, India is solidifying its position as a key player in the global electronics supply chain.
