Apple Exports Rs 65,000 Crore 'Made-in-India' iPhones in 2023

By siliconindia  |  Tuesday, 09 January 2024, 19:21 IST

Apple Exports Rs 65,000 Crore 'Made-in-India' iPhones in 2023
India's emphasis on bolstering local manufacturing has resulted in Apple assembling iPhones valued at over Rs 1 lakh crore in 2023, as per industry data. Sources within the industry indicate that out of this total, iPhones worth around Rs 65,000 crore were exported by Apple to various other countries. However, the actual market value of iPhones manufactured or assembled in India might be considerably higher, contingent on tax considerations in different nations, as suggested by industry insiders.
Apple's involvement in manufacturing in India aligns with the objectives outlined in the production-linked incentive (PLI) scheme. Leveraging the expansion in local manufacturing, mobile phone exports from the nation exceeded $9 billion (equivalent to over Rs 75,000 crore) from April to November in the ongoing fiscal year, as reported by the India Cellular and Electronics Association (ICEA).
Led by Apple, India is set to cross $15 billion (over Rs 1,24,000 crore) in mobile phone exports in the current fiscal year (FY24), posting a growth of 35 percent over the last fiscal year. Apple's revenue in India hit nearly Rs 50,000 crore in FY23, with sales increasing 48 percent to Rs 49,321 crore and net profit rising 76 percent to Rs 2,229 crore fastest growth of net profit for Apple in India in the last five years.
Driven by domestic manufacturing, Apple iPhones were set to garner around 7 percent market share in the Android-dominated smartphone market in India in 2023. The country is now the second-biggest manufacturing hub for mobile phones due to heavy investment from original equipment manufacturers, original design manufacturers and companies dealing in components and parts. Mobile phone exports are anticipated to account for about 58 percent of the overall electronics exports in FY24, compared to around 47 percent in the previous fiscal year.
Apple is setting a goal to produce over 50 million iPhones annually in India, intending to relocate a portion of its production from China. The tech company aims to realize this objective within the next two to three years, with plans for additional tens of millions of units in subsequent years, as per reports. Should Apple successfully meet this target, India would contribute to a quarter of the global iPhone production. Companies, ranging from Apple to Foxconn, are strategically utilizing domestic capabilities to diversify the supply chain and expand production scale by manufacturing within the country.
Source: IANS