Apple iPhone Export From India Reach INR 10,000 Crore In May: Report According to the report, Indian officials are hopeful that Apple's increasing involvement in India can serve as a model to convince other US companies, including Tesla, to move their supply chains to the country
By Teena Jose
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Apple's iPhone exports from India experienced a remarkable surge, surpassing ₹10,000 crores in May this year. In the first two months of the current fiscal year (April and May), smartphone exports surpassed INR 20,000 crore, more than double the INR 9,066 crore recorded in the same period last year, as reported by the India Cellular and Electronics Association, cited by The Economic Times.
According to the report, Indian officials are hopeful that Apple's increasing involvement in India can serve as a model to convince other US companies, including Tesla, to move their supply chains to the country.
The report also added that Apple accounts for 80% of all smartphone exports from India. The remaining 20% is shared by Samsung and other brands. Figures of May align with Apple's strategy of diversifying its supply chain and shifting away from China. The Cupertino-based tech major is also looking to make AirPods in India.
Bank of America in a report last week said on the back of the central government's production-linked incentive (PLI) scheme, Apple may shift 18% of its global production of iPhones in India by FY25. In FY23, this share stood at 7%
It is noted that Prime Minister Narendra Modi's upcoming visit to the US from June 21 to 24 is expected to boost partnerships with other US brands. The government will try to convince the companies to shift their supply chains to India with attention to semiconductors, electric vehicles, and other segments
In 2016, Apple sought permission from the Indian government to establish its own stores in the country. Currently, Apple's manufacturing output in India reportedly represents about 5-7% of the total, but JP Morgan analysts predict that the company plans to expand its production capacity in India to manufacture 25% of all iPhones by 2025.
