Curated by: Business desk
Latest version: November 25, 2023, 1:05 PM IST
Railway Minister, Ashwini Vaishnab tweeted about this update.
Apple exported iPhones worth $5 billion from India in the current fiscal year.
India’s mobile exports crossed $8 billion in the first seven months of the current fiscal (April to October), driven mainly by iPhone exports. Apple Inc exported over $5 billion worth of iPhones from India during the period, a 177% increase over the same month last year. Railways Minister, Ashwini Vaishnav tweeted about $8 billion in mobile exports in the first 7 months, reflecting a 60% annual growth rate and registering an average run rate of over $1 billion.
Earlier, in the same period of FY23, the company sold iPhones worth $1.8 billion through its three dealers in India. Also, smartphone exports in India have grown by nearly 61% compared to last year’s report of $4.97 billion. Promoting the Make in India movement, Ashwini Vaishnav wrote in X, “Mobile exports hit $8 billion in 7 months of current fiscal. A growth of over 60% from $4.97 billion for the same 7 months last year. Average $1bn+ plus mobile phone exports per month.
India’s smartphone exports have grown significantly and are expected to surpass the FY24 figure of $11.1 billion by the end of FY24. In the first seven months of the current fiscal year, India’s smartphone exports reached 72% of the previous year’s total.
A Business Standard report said Apple exported $5 billion worth of iPhones from India in the first seven months of FY24, i.e. from April to October this year. With Apple’s production expansion under the Production-Linked Incentive (PLI) scheme, the iPhone’s share of total smartphone exports from the country has increased significantly. The iPhone now accounts for 62.5% of India’s total smartphone exports.
Apple started adding to the huge number of India’s smartphone exports after bringing in a PLI of Rs 38,645 crore (which is around $4.66 billion) for mobile devices. For example, in Tamil Nadu, Foxconn and Pegatron are the largest Taiwanese companies that manufacture the iPhone 11, 12, 13 and 14 along with the latest iPhone 15 model.
Also, Tata Electronics recently entered the scene as the first Indian company to collaborate with Apple to manufacture the iPhone. Further, by acquiring Wistron for $125 million, Tata Electronics aims to secure 100% equity stake in Wistron’s assembly lines located in Karnataka.
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