Apple Inc. is significantly amplifying its iPhone production endeavours in India, aiming to reach an impressive milestone of nearly Rs 1 lakh crore in iPhone manufacturing by the conclusion of the fiscal year ending March 2024. This strategic initiative denotes a substantial shift away from the declining trend in handset shipments observed in China over the past few years. Recent reports highlight Apple’s considerable progress, having already attained a substantial Rs 60,000 crore in production within the initial seven months of this fiscal year, signalling the company’s robust and efficient manufacturing capabilities in the region.
Apple’s growth plan in India revolves around pivotal manufacturing partners like Foxconn, Pegatron, and Wistron, which are actively engaged in operations under the government’s production-linked incentive (PLI) scheme tailored for smartphone manufacturing. A significant milestone was achieved with the Tata Group’s recent acquisition of Wistron Infocomm Manufacturing (India) Pvt Ltd. This marks a historic moment, as it signifies the first instance of an Indian entity entering Apple’s supply chain as an iPhone manufacturer.
Apple’s accelerated expansion in India is clearly apparent, with around 70% of the iPhones manufactured within the country earmarked for export. In the span between April and October of the ongoing fiscal year, Apple surpassed its earlier export milestones by shipping iPhones valued at Rs 40,000 crore or $5 billion. This remarkable surge in exports unequivocally highlights Apple’s amplified commitment towards India, positioning the nation as a crucial centre for both manufacturing and export activities.
Amidst global consumption challenges, Apple persists in its endeavours to cater to the seasonal demand in the US and Western markets. Should the company not achieve its Rs 1 lakh crore target by the fiscal year’s close, forecasts within the industry indicate the likelihood of hitting this milestone by the initial quarter of FY25. The unwavering growth of the Cupertino-based tech behemoth in India highlights its dedication to harnessing the country’s expanding market prospects and fortifying its stance within the thriving smartphone domain.
