Apple becomes 1st smartphone manufacturer to achieve $1 Billion exports in India in a month
- ByStartupStory | January 23, 2023
The Economic Times reported that Apple has become the first smartphone manufacturer in India to achieve $1 billion in exports in a month. The achievement occurred in the month of December.
Overall smartphone exports have also surpassed Rs 10,000 crore, according to the report.
The record smartphone exports led by Apple in December are also an indication of how quickly the US tech giant is shifting its base to India and away from China as the country faces uncertainty.
In India, Apple produces the iPhone 11, 12, 13, and 14 models. Its most recent model, the iPhone 14, was released a few months ago.
Foxconn, Pegatron, and Wistron all have manufacturing plants in Tamil Nadu and Karnataka. They are the recipients of the government’s PLI scheme for smartphones.
Government estimates India is likely to export phones worth about $9 billion in FY23, up from $5.8 billion in the year before, Economic Times reported.
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