iPhone Production in India Reaches $10 Billion Milestone With PLI Scheme, Says IT Minister

Apple is reported to have created 1,75,000 jobs in India in the last four years.

Written by Shaurya Tomer, Edited by Siddharth Suvarna | Updated: 26 November 2024 18:30 IST

iPhone Production in India Reaches $10 Billion Milestone With PLI Scheme, Says IT Minister

Photo Credit: Apple

Apple recently commenced the manufacturing of the flagship iPhone 16 models in India

Highlights

iPhone models worth approximately $7 billion were reported to be exported
Apple reportedly reached all-time high exports of $2 billion in October
Foxconn contributes 56 percent of the iPhone production in India

Apple's iPhone production in India hit the $10 billion (roughly Rs. 84,000 crore) freight-on-board (FoB) value between the months of April and October of FY25, IT Minister Ashwini Vaishnaw revealed, citing a report, on Monday. This translates into a growth of 37 percent compared to the same period in FY24, courtesy of the government's production-linked incentive (PLI) scheme. A major chunk of the iPhone production was exported to other markets, with only a small percentage serving the domestic demands for Apple's devices.

iPhone Production Grows in India

In a post on X (formerly Twitter), IT Minister Ashwini Vaishnaw cited a Business Insider report which details Apple's increasing production in India. The Cupertino-based technology giant's $10 billion (Rs. 84,000 crore) FoB production reportedly translates into a value of $15 billion (roughly Rs. 1,00,000 crore), taking factors such as account sales, distribution, marketing, logistics, and margins into account.

Of the total value, iPhone models worth approximately $7 billion (roughly Rs. 59,000 crore) were exported. The report notes that October was the highlight of the FY25 period for the company as production hit the $2 billion (roughly Rs. 16,000 crore) mark in a single month — a milestone for Apple in India.

Samsung Wins Patent for a Tri-Fold Smartphone With Specialised Barrier Layer for Improved Durability

The government's PLI Scheme is said to play a major role in Apple's growth in India. Data submitted by the firms as part of the initiative reportedly reveals that Foxconn is the most vital iPhone maker for Apple in the country, contributing to 56 percent of the company's total capacity. Meanwhile, Tata Group, courtesy of the newly acquired Wistron plant, accounts for 30 percent. Pegatron is yet another Taiwanese manufacturer which Apple relies on for iPhone production in India with a 14 percent contribution.

Courtesy of this growth, Apple is reported to have created 1,75,000 jobs in the last four years, with over 72 percent of positions being held by women in India.

The report highlights that Apple is targeting even higher numbers as part of its future growth plans. It aims to reach the $18 billion (roughly Rs. 1,50,000 crore) FoB mark in FY25, translating into a value of over $25 billion (roughly Rs. 21,00,000 crore).

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Apple, IPhone, Apple India Growth, Apple India exports

Shaurya Tomer

Email Shaurya Tomer

Shaurya Tomer is a Sub Editor at Gadgets 360 with 2 years of experience across a diverse spectrum of topics. With a particular focus on smartphones, gadgets and the ever-evolving landscape of artificial intelligence (AI), he often likes to explore the industry's intricacies and innovations – whether dissecting the latest smartphone release or exploring the ethical implications of AI advancements. In his free time, he often embarks on impromptu road trips to unwind, recharge, and ...More