In 2023, iPhones worth ₹1 lakh crore were produced by Apple in India

• ByStartupStory     |    January 10, 2024

Apple achieved a significant milestone in India by manufacturing iPhones worth over Rs 1 lakh crore last year, surpassing production targets under the PLI scheme. Reportedly, out of this sum, iPhones worth Rs 65,000 crore were exported from India to other countries. 

An official mentioned that this value represents the FOB price, but the market value could range between Rs 1.5 to Rs 1.7 lakh crore after factoring in taxes and dealer margins internationally.

This achievement reflects Apple’s commitment to establishing India as a key manufacturing hub for iPhones, expanding its supply chain within the country. Notably, Apple’s market share in India grew to 6 per cent in FY23 from 2 per cent in FY18, as per Counterpoint data cited in The Economic Times.

The company’s success in India precedes the visit of US Trade Representative Katherine Tai for the Indo-US Trade Policy Forum. Apple’s three contract manufacturers in India—Foxconn, Pegatron, and Wistron—all approved under the PLI scheme, contributed significantly to this milestone.

In FY23, Apple manufactured and exported five iPhone models (11, 12, 13, 14, and 15), primarily sending them to the US, Europe, and West Asia, with 65 per cent of the exported devices heading to these regions. 

Notably, Apple became the first standalone brand to surpass the $5 billion export mark from India, largely driven by iPhone exports, contributing to India’s position in mobile phone exports, reaching Rs 90,000 crore in FY23.

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