Apple Exported iPhones Worth INR 1.5 Lakh Cr From India In FY25

SUMMARY

This also marks a 76% year-on-year (YoY) jump and doubling Apple’s committed target under the PLI scheme which stood at INR 74,900 Cr for FY25

Vaishnaw announced on X, FY25 saw the highest ever INR 2 Lakh Cr smartphone exports in a fiscal

Also, Apple almost doubled its iPhone exports from India in March, surging to INR 20,000 Cr from INR 11,000 Cr a year earlier

Apple exported iPhones worth more than INR 1.5 Lakh Cr ($17.32 Bn) from India in the financial year ending March 2025, Union Minister Ashwini Vaishnaw said.

This also marks a 76% year-on-year (YoY) jump and doubling Apple’s committed target under the production-linked incentive (PLI) scheme, according to a report by Business Standard.

In the calendar year 2024, Apple surpassed the INR 1 lakh Cr mark in iPhone exports from India, with total shipments reaching a record $12.8 Bn (around INR 1.08 Lakh Cr).

The report also highlighted that the tech major’s PLI target under mobile devices scheme stood at INR 74,900 Cr for FY25.

Following the report, Vaishnaw announced on X, “FY25 saw the highest ever INR 2 Lakh Cr smartphone exports in a fiscal.”

The smartphone exports in the year under review translated to a 54% increase from FY24, as global value chains (GVCs) integrate into the Indian economy, he added.

The development comes amid a report that Apple almost doubled its iPhone exports from India in March, surging to INR 20,000 Cr from INR 11,000 Cr a year earlier.

The spike in international shipments comes in the shadow of its efforts to stock up inventory ahead of the tariffs announced by the Donald Trump administration from April 2.

Further, Apple chief executive Tim Cook said that the company posted record quarterly sales in India during the October-December period with iPhone becoming the top selling smartphone model in the country during the quarter.

While Apple sets its targets for FY25, for the first half of the fiscal year, Apple’s vendors anticipate a FOB production value of $9 Bn. By the end of the fiscal year, India is projected to contribute 17-18% of the global iPhone production volume and 14% of its value.

Meanwhile, banking on India’s growth as a manufacturing hub for smartphones, the IT ministry recently finalised a PLI scheme for manufacturing electronics components with an allocation of INR 23,000 Cr in March, for a total period of six years, aimed at increasing the local value addition.