Apple Hits $5 Billion in iPhone Exports from India for April-August Period

Boosted by the production-linked incentive (PLI) scheme, Apple has achieved approximately $5 billion in iPhone exports from India for the April-August period of this fiscal year.

This represents a significant increase of over 50 percent compared to the same period in the previous fiscal year (FY24). With the commencement of production for the flagship iPhone Pro and Pro Max models, experts anticipate a further surge in export value during the upcoming festive quarter and beyond.

The new iPhone 16 series is set to launch in India on September 20, accompanied by attractive financing options and promotions.

Union Railways and Electronics and IT Minister Ashwini Vaishnaw highlighted that Apple’s iPhone 16 is being produced and launched globally from Indian manufacturing facilities. “Prime Minister Narendra Modi’s ‘Make in India’ initiative is driving the production of iconic products for the global market,” the minister said on X.

Thanks to the PLI scheme, iPhone exports from India are consistently reaching around $1 billion per month. In the 2023-24 fiscal year, iPhone exports surged to $12.1 billion, up from $6.27 billion in 2022-23. Overall, Apple’s India operations were valued at $23.5 billion in the last fiscal year.

Apple’s revenues in India are projected to grow by 18 percent year-on-year in 2024, with the new iPhone 16 series expected to further strengthen its market presence and boost export figures. Last year, Apple achieved nearly 10 million iPhone sales in India, a record high, and is on track to exceed 13 million units this year.

In response to growing demand, iPhone factories in India are preparing to hire more than 10,000 new employees during the peak festival season. Apple aims to produce over 50 million iPhones annually in India as part of its strategy to diversify production away from China.

Tata Electronics, along with Foxconn and Pegatron, is a major job creator in Apple’s Indian supply chain, operating two key manufacturing plants for the company.