New Delhi, Sep 11
Driven by the production-linked incentive (PLI) scheme, Apple has reached around $5 billion in iPhone exports from India in the April-August period this fiscal.
According to industry data, this is a growth of over 50 per cent from the same period of first five months in FY24.
With the country set to commence production of the flagship iPhone Pro and Pro Max models, the value of iPhone exports is going to jump further in the festive quarter and months ahead, according to the industry analysts.
The new iPhone 16 series will be available in the country from September 20 at attractive financing options and other offers.
According to Union Railways and Electronics and IT Minister, Ashwini Vaishnaw, Apple’s latest iPhone 16 is being produced and launched globally from the Indian manufacturing plants.
“Prime Minister Narendra Modi’s ‘Make in India’ initiative is now driving the creation of iconic products for the world,” the minister posted on X social media platform.
iPhone exports continue to clock around $1 billion each month thanks to the government’s PLI scheme. The iPhone exports from India surged sharply to $12.1 billion in 2023-24 from $6.27 billion in 2022-23. Overall, the company’s India operations reached 23.5 billion dollars in value in the last fiscal (FY24).
The company’s revenues in India are likely to grow 18 per cent (year-on-year) in 2024 and the new iPhone 16 series would help the company further solidify its presence in the country, along with boosting its exports figures.