Summary:

In 2024, Apple’s iPhone exports from India surpassed Rs. 1,00,000 crore, reaching a record Rs. 1,10,989 crore, a 42% increase from the previous year. This growth is due to higher local value addition (15-20%) and a 46% rise in domestic production, which reached Rs. 1,48,014 crore. In 2023, Apple exported Rs. 78,039 crore worth of iPhones, making up most of its domestic production.

Apple's export success is seen as unprecedented, thanks to the smartphone production-linked incentive (PLI) scheme. The company has increased local value addition to 20% for some iPhone models, up from 5-8%. If this growth continues, Apple could reach Rs. 30 billion in production and raise India's share in global iPhone production to 26%. Apple is also expanding retail in India, aiming for 15 million local sales.

Source: IBEF

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