July 24, 2024
Apple’s India iPhone Exports Surge, Driven by Modi’s PLI Scheme
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Apple’s India iPhone Exports Surge, Driven by Modi’s PLI Scheme

Jun 12, 2024

Buoyed by the Prime Minister Narendra Modi-led government’s Production-Linked Incentive (PLI) scheme, Apple Inc. has recorded a significant milestone in India’s burgeoning electronics manufacturing sector. Industry data reveals that Apple has exported iPhones worth over Rs 16,500 crore (nearly $2 billion) in the first two months of FY25, constituting more than 80 per cent of the nation’s total iPhone production and assembly.

Key Apple suppliers, including Foxconn, have bolstered their supply chains, contributing to this surge in exports. With Apple doubling down on iPhone production in India, PM Modi proudly announced that one out of every seven iPhones globally is now manufactured in the country.

India’s stature as the world’s second-largest mobile phone manufacturer has been underscored by this achievement. PM Modi emphasized the success of the PLI scheme, noting that approximately 25 per cent of all iPhones are expected to be made in India by 2028.

In a recent interview with NDTV, PM Modi lauded the record-breaking iPhone exports as a stellar example of the PLI scheme’s success, highlighting the substantial growth trajectory witnessed in the Indian electronics industry over the past decade. Apple’s strong double-digit growth in India, particularly evident in the record first-quarter shipment with a 19 per cent year-on-year increase, further solidifies its commitment to the Indian market.

The Cupertino-based tech giant’s efforts to deepen its local ecosystem by fostering partnerships with domestic vendors have not only reduced its dependence on China but have also generated employment opportunities for over 1.5 lakh individuals in India.

The meteoric rise in electronic goods exports, led by mobile phones, reflects India’s growing significance in the global tech landscape. With Apple’s continued investment and expansion in India, the nation is poised to emerge as a key player in the global electronics manufacturing arena, promising further economic growth and technological advancements in the region.

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