Apple, the tech giant renowned for its innovative smartphones, has set its sights on achieving a significant milestone in India. The company is targeting a production value of INR 1 Lakh Cr for iPhones in India by the end of March 2024. This ambitious goal comes amidst a period of rapid growth for Apple’s manufacturing operations in the country.
Apple Aims for INR 1 Lakh Cr iPhone Production in India
According to sources familiar with the matter, Apple has already scaled up its manufacturing capacity in India to an impressive INR 60,000 Cr worth of production during the first seven months of the current fiscal year. This represents a substantial increase from the INR 16,750 Cr production value recorded in 2020-21.
The company’s decision to expand its manufacturing base in India is driven by several factors, including the government’s production-linked incentive (PLI) scheme and the growing demand for iPhones in the Indian market. The PLI scheme provides financial incentives to companies that set up manufacturing units in India, making it an attractive proposition for global tech giants like Apple.
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Apart from exports, Apple is also benefiting from the increasing premiumization trend in the Indian smartphone market. The company is expected to sell a record 9-10 million iPhones in India in 2024, up from less than 7 million in 2023.
Apple’s India operations are already contributing significantly to the company’s global revenue. In FY23, Apple India recorded a year-end turnover of INR 49,321 Cr. However, this still represents only 1.5% of Apple’s worldwide turnover, which stands at INR 32.6 Lakh Cr ($383.93 Bn).
The company’s ambitious target of INR 1 Lakh Cr iPhone production in India by FY24 end indicates its confidence in the country’s manufacturing capabilities and market potential. If achieved, this milestone would further solidify Apple’s position as a major player in the Indian smartphone market and contribute significantly to the country’s economy.
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