iPhone Exports Cross 1 Lakh Crore in Current Financial Year
On February 10, in the current financial year 2024-25, iPhone exports from India crossed 1 lakh crore rupees, marking a 31% increase. During the same period in the previous financial year 2023-24, the export of iPhones from India was 76 thousand crore rupees. This is the first time in history that iPhone exports have crossed 1 lakh crore rupees in a financial year.
Additionally, the company successfully exported a record 19 thousand crore rupees worth of iPhones in January. Companies such as Foxconn, Tata Electronics, and Pegatron have been manufacturing iPhones in India under the Production-Linked Incentive (PLI) scheme since 2021.
Earlier in December 2024, Apple exported the highest-ever 14 thousand crore rupees worth of iPhones. Tata recently acquired a significant stake in Pegatron. The price at which iPhones are supplied from the plant is referred to as the Free on Board (FOB) price. Since October, Apple has been exporting iPhones worth over 10 thousand crore rupees per month, with the production and domestic supply chain improvements in place. This marks a rise from the previous 5-6% to 15-18% now.
In terms of export value, iPhones are now the second most significant product from India, after vehicle fuels. Four years ago, Apple began shifting its supply chain from China to India. India is now among the top-10 countries for smartphone exports. In the financial year 2014-15, smartphones were ranked 167th in India’s export list, but now they are the second-largest exported product.
The PLI scheme for smartphone manufacturing has yielded 19 times the revenue from the incentives. According to ICEA, between FY 2021 and 2024, the scheme led to the production of goods worth 12.55 lakh crore rupees, contributing 1.10 lakh crore rupees to the government’s coffers. The government provided 5,800 crore rupees as incentives, which has also generated 3 lakh direct jobs.
