Apple has increased iPhone exports from India by a third in value compared to last year, as it looks to expand manufacturing in the country and reduce its dependence on China. According to a report, in the six months through September, it exported $6 billion worth of Indian-made iPhones worth about Rs 50,000 crore, which should reach $10 billion in FY24. Commenting Commenting on the achievement, Minister Ashwini Vaishnaw said, “Apple has exported products worth Rs 50,000 crore that are manufactured in India. An increase of 33% compared to the first half of the last financial year,” he posted on the X social media platform.
Supply chain got a boost
Apple is expanding rapidly in India using local subsidies, skilled labor and the country’s technological advances. This is part of Apple’s broader plan to diversify its manufacturing base as tensions between the United States and China rise. Three major suppliers – Taiwan’s Foxconn Technology Group, Pegatron Corp and India’s Tata Electronics – are driving this manufacturing growth. Foxconn’s Chennai unit is the largest supplier.
Impact on India’s export economy
Apple’s iPhone now accounts for the largest share of India’s smartphone exports, becoming the top export to the United States at $2.88 billion in the first five months of this fiscal year. Five years ago, annual smartphone exports to the United States amounted to just $5.2 million.
Despite this growth, Apple still has around 7% of the Indian smartphone market, dominated by Chinese brands such as Xiaomi, Oppo and Vivo.
Increased retail revenue
Apple is also expanding its retail presence in India. After opening its first stores in Mumbai and New Delhi last year, it plans to open new stores in Bengaluru and Pune. With a strong online presence and a growing middle class looking to purchase Apple products, Apple’s annual revenue in India hit a record $8 billion in March. Is.
