Apple has achieved a significant milestone in India, with its operations witnessing the fastest growth in production and exports of any company in the country over the last 50 years. According to reports, the value of Apple India’s operations soared to over ₹2 lakh crore in the financial year 2023-24, compared to ₹1.15 lakh crore in the previous year.
Rapid Growth in Production and Exports
The Economic Times reported that Apple’s manufacturing efforts in India have grown at an unprecedented rate. India now contributes about 14% to Apple’s global production, a substantial increase from the 7% recorded the previous year. Revenue from India, however, still accounts for less than 2% of Apple’s global revenue of $383 billion for the same period.
In terms of exports, iPhones worth approximately ₹1.35 lakh crore were shipped from India to markets in Europe, the US, West Asia, and other regions in 2023-24, up from ₹66,000 crore the year before. Domestic sales were also strong, reaching around ₹68,000 crore.
The Role of Manufacturing Expansion
Apple’s manufacturing expansion in India began in 2021, marking the first time the company produced iPhones outside of China. This growth was facilitated by the Indian government’s production-linked incentive (PLI) scheme for smartphones, launched in 2020.
Apple currently has three contract manufacturers in India: Foxconn, Wistron, and Pegatron. Tata recently acquired Wistron’s India facility, further strengthening Apple’s manufacturing base. Foxconn operates the largest of Apple’s factories in India, employing 41,000 people.
Impact on Employment
The increase in Apple’s manufacturing activities in India has had a significant impact on job creation, generating over 150,000 direct jobs since 2021. This expansion is a testament to the success of India’s PLI scheme and Apple’s commitment to growing its presence in the country.