Apple has achieved a significant milestone in India, with its iPhone production reaching a freight-on-board value of $10 billion between April and October 2024. This represents a 37% increase compared to the FOB value in the same period last year.
Union Minister Ashwini Vaishnaw announced the same on social media, pointing out that $7 billion worth of iPhones were exported out of the overall manufacturing.
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“Yet another milestone for Smartphone PLI Scheme in seven months: $10 billion iPhone production by Apple with $7 billion exports,” Vaishnaw wrote on X, calling the achievement a “milestone.”
This indicates that almost 70% of the iPhones manufactured were exported, while $3 billion worth of iPhones were sold domestically. Additionally, for the first time, iPhone production in India surpassed $2 billion in a single month in October 2024, making it a milestone month for the company.
Apple's expansion in India coincides with the government's smartphone production-linked incentive scheme, which encourages large-scale production of electronics.
The scheme has brought in Rs 1.10 lakh crore in revenue for the government, which is 19 times its initial investment. The scheme, driven by Samsung and Apple, has helped increase production, exports, and jobs.
The union minister added that over the past four years, Apple has added up to 175,000 new direct jobs, with women holding over 70% of these roles.
According to government data, at the end of October 2024, exports of electronics hit a record high of $19.1 billion in a single seven-month period of any financial year. This represents a 24% increase over the sector's export total of $15.4 billion during the same period in the previous fiscal.
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