June 12th 2024.
The Indian capital of New Delhi is buzzing with excitement as the latest industry data shows that Apple has achieved a remarkable feat in the first two months of the current financial year. Thanks to the production-linked incentive scheme introduced by Prime Minister Narendra Modi's government, the tech giant has managed to export iPhones worth over Rs 16,500 crore. This amounts to more than 80% of the total production and assembly of iPhones in the country.
The success of Apple can be attributed to the efforts of its key suppliers, who have significantly strengthened their supply chains in recent months. In fact, the company ended the last financial year with a total iPhone production of approximately $14 billion in India, with the market value of these devices reaching nearly $22 billion. This not only showcases the country's manufacturing prowess but also highlights the doubling down of Apple on iPhone production in India.
In a recent interview with NDTV, PM Modi proudly stated that one out of every seven iPhones in the world is now being manufactured in India. This is a testament to the country's growing prominence as the second-largest mobile phone manufacturer in the world. The Prime Minister also acknowledged the record-breaking export numbers of Apple products, which he deemed as a clear indication of the success of the PLI scheme.
With plans to manufacture 25% of all iPhones in India by 2028, the tech giant is on track to achieve its goals. Last year, the company recorded a 19% growth in its first-quarter shipments in the country, with approximately 10 million iPhones being shipped and accounting for 7% of the market share. This remarkable growth has been driven by the meteoric rise of electronic goods export from India in the last decade.
In addition to boosting the country's economy, Apple's presence in India has also had a significant impact on job creation. The company has built a strong network of local vendors, reducing its reliance on China, and providing employment opportunities to over 1.5 lakh people in the country. This has helped in the growth of the Apple ecosystem in India, which saw strong double-digit growth in the March quarter this year.
The success of Apple in India is a testament to the country's potential as a global manufacturing hub and a prime example of the success of the PLI scheme. As the tech giant continues to expand its operations in the country and create more job opportunities, India's position as a leading player in the global electronics market is only set to strengthen.
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