iPhones Pushed Over 35% Surge In India’s Mobile Phone Exports In FY24

iPhones pushed over 35% surge in India’s mobile phone exports to a record $15 Bn in FY24. 

As per the government data, Cupertino-based Apple accounted for 65% or about $10 Bn of mobile phone exports from the country during the year in review, which is double the $5 Bn worth exports noted in the previous fiscal year.

As per the data, the country’s mobile manufacturing sector has generated over 1.2 Mn jobs as it manufactured products worth $50 Bn in FY24, ET reported. 

“We’ve had great success in mobile phone production,” IT minister Ashwini Vaishnaw told the publication. According to the minister, the pace of growth and exports is expected to accelerate as more global companies start production in the country. 

The data revealed by the commerce ministry further revealed that export of electronic items jumped almost 24% to $29.12 Bn in FY24 against $23.55 Bn in the previous fiscal year. 

The data seemingly is in line with the US-based smartphone maker’s India goals and growth plans. As Apple plans to diversify the production base given the geopolitical tensions, its vendors are also ramping up production units in India. 

Last year in December, Apple was reportedly planning to manufacture more than 50 Mn iPhones in India annually. As per media reports, it aims to meet this target in the next two to three years.

This was followed by its vendor Foxconn’s infusion of another INR 13,911 Cr in Karnataka, in a further boost to the tech giant’s plan. Karnataka has also approved 14 projects worth INR 34,115 Cr with the potential to generate 13,308 jobs in the state. Of these, 10 are new projects worth INR 19,452.40 Cr, while the remaining four are additional ones with investments worth INR 14,662.59 Cr, according to a statement.

In addition, Wistron’s iPhone manufacturing unit which was acquired by Tata Group last year is also mulling production soon.