Riding on the government’s production-linked incentive (PLI) scheme, Apple’s iPhone production in the country has reached $10 billion in the seven months of this fiscal (FY25), with $7 billion in exports alone which is a record, the Centre said on Monday.
The tech giant manufactured/assembled $14 billion of iPhones in India last fiscal (FY24), with exporting more than $10 billion worth of iPhones.
In a post on X, Union Electronics and IT Minister Ashwini Vaishnaw said that this is yet another milestone for the smartphone PLI scheme in 7 months.
“$10 billion iPhone production by Apple with $7 billion exports. Total smartphone exports from Bharat crossed $10.6 billion in 7 months,” the minister informed.
Minister Vaishnaw further stated that the Apple ecosystem created 1,75,000 new direct jobs in four years with “over 72 per cent women”.
The Cupertino (California)-based tech giant touched Rs 60,000 crore (around $7 billion) in iPhone exports from India in the first seven months of the current fiscal (FY25). In the April-October period, the company exported iPhones at almost Rs 8,450 crore (nearly $1 billion) each month, as per industry data.
In the July-September period, Apple clocked an all-time revenue record in India. “We continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record. This has been an extraordinary year of innovation at Apple,” said company CEO Tim Cook.
Amid the growing demand for its iPhones in aspirational Bharat, Apple clocked a 36 per cent increase in its operating revenue in India, surpassing Rs 66,700 crore (about $8 billion) in FY24. The tech giant also posted Rs 2,746 crore ($330 million) in profit last fiscal.
The company’s profit increased by 23 per cent in FY24 against Rs 2,229.6 crore ($268 million) in FY23.
(IANS)