Apple’s iPhone Export From India Crosses INR 10,000 Cr Mark In May

Apple’s iPhone export from India has reportedly crossed the INR 10,000 Cr mark in May this year. The total value of the iPhone exports from India for April and May stands at INR 20,000 Cr which is more than double the value of the same period of last year.

Mint reported that Apple is exporting these iPhone to several developed countries including the UK, Italy, France, the Middle East, Japan, Germany, and Russia.

The export surge is seemingly attributed to the tripled manufacturing of its products by the contract manufacturers in the country. In April this year, the tech giant reportedly manufactured smartphones worth $7 Bn in FY23. Out of this, $5 Bn worth of smartphones were reportedly exported.

Apple, which recently opened its first two stores in India, manufactures almost 7% of its iPhones in India as against a mere 1% in 2021, Bloomberg reported earlier this year. 

Following Apple’s first store launch in Mumbai, MoS Rajeev Chandrasekhar announced that the tech giant has generated more than 1 Lakh jobs in the country. He further added that the PLI scheme rolled out by the government has contributed to the growth of the Apple ecosystem in India. 

The growth of the Apple ecosystem in India reflects from the increasing investment in the country by the vendors Foxconn, Wistron, Tata Group, Salcomp, Avery, and Jabil.

Earlier this month, Foxconn was reported to commence manufacturing iPhones at its upcoming facility in Karnataka’s Devanahalli by April 2024. The announcement was made after the state’s IT Minister Priyank Kharge and minister for large and medium industries MB Patil met Foxconn executives. 

For the project, the state government is going to provide 300 acre land and other facilities to the company by July 1 this year. Additionally, the project is expected to garner investment of $1.7 Bn and create 50,000 jobs in this area. According to the reports, this plant will be able to manufacture 2 Cr iPhones annually.

Further going ahead, Apple is planning to launch two more stores in the country in Mumbai and Delhi NCR. While the third store may open at Borivali Mumbai, the fourth and the second largest store may be located at DLF Promenade Mall, New Delhi.