_scheme,_Apple_has_reached_around_5_billion_in_iPhone_exports_from_India-min.jpg)
Driven by the production-linked incentive (PLI) scheme, Apple has reached around $5 billion in iPhone exports from India in the April-August period this fiscal.
According to industry data, this is a growth of over 50 per cent from the same period of first five months in FY24.
With the country set to commence production of the flagship iPhone Pro and Pro Max models, the value of iPhone exports is going to jump further in the festive quarter and months ahead, according to the industry analysts.
The new iPhone 16 series will be available in the country from September 20 at attractive financing options and other offers.
According to Union Railways and Electronics and IT Minister, Ashwini Vaishnaw, Apple’s latest iPhone 16 is being produced and launched globally from the Indian manufacturing plants.
“Prime Minister Narendra Modi’s ‘Make in India’ initiative is now driving the creation of iconic products for the world,” the minister posted on X social media platform.
iPhone exports continue to clock around $1 billion each month thanks to the government’s PLI scheme. The iPhone exports from India surged sharply to $12.1 billion in 2023-24 from $6.27 billion in 2022-23. Overall, the company’s India operations reached 23.5 billion dollars in value in the last fiscal (FY24).
The company’s revenues in India are likely to grow 18 per cent (year-on-year) in 2024 and the new iPhone 16 series would help the company further solidify its presence in the country, along with boosting its exports figures.
Last year, Apple clocked almost 10 million iPhone sales in India, its highest ever in the country. This year, thus figure is set to grow to over 13 million units.
iPhone factories in the country are set to hire more than 10,000 people directly in the peak festival period. Apple aims to manufacture more than 50 million iPhones in India per year, as it aims to shift some of the production out from China.
Tata Electronics, which runs two plants for Apple, is the biggest job creator in the Apple ecosystem, along with Foxconn and Pegatron.
_scheme,_Apple_has_reached_around_5_billion_in_iPhone_exports_from_India-min.jpg&description=Apple reaches $5 billion in iPhone exports from India in April-August period){kind=link}
Indian stock market opens in red as Israel-Iran tensions rise
The Indian benchmark indices opened sharply lower on Friday as tensions escalated between Israel and Iran. Heaving selling was seen in the auto, IT, Financial service and PSU Bank sectors in the early trade.
Axion 04 mission postponed again after propulsion bay leak; ISRO, SpaceX begin repairs
The highly anticipated Axion 04 mission, which was set to launch on Wednesday after a series of earlier delays, has been postponed once again due to a leak detected in the propulsion bay during a pre-launch test, the Indian Space Research Organisation (ISRO) announced on Wednesday.
Bad weather delays Shubhanshu Shukla's flight to ISS to Wednesday: ISRO
Indian astronaut Shubhanshu Shukla's historic flight to the International Space Station (ISS) has yet again been delayed due to poor weather, the Indian Space Research Organisation (ISRO) said on Monday.
Stock market ends in green, Bank Nifty hits new all-time high of 57,000
The Indian stock markets closed in the green on the first trading day of the week, as Bank Nifty hit a new all-time high of 57,000 on Monday, reflecting strong sentiment and momentum in the banking sector.
World’s largest container ship MSC IRINA arrives at Adani’s Vizhinjam International Seaport
In a historic feat, the world’s largest container ship MSC IRINA arrived at Adani Group's Vizhinjam International Seaport on Monday, which will be berthed till Tuesday.
Indian stock market opens in green, IT and PSU banks lead
The Indian benchmark indices opened higher on Monday amid positive global cues, as buying was seen in the IT, PSU banks and auto sectors in the early trade.
India now has 1.76 lakh registered startups, 118 unicorns: FM Sitharaman
The number of registered startups has reached 1.76 lakh in the last 11 years, with 118 unicorns (startups with $1 billion valuation and above), thus fueling youth entrepreneurship, Finance Minister Nirmala Sitharaman said on Friday.
Adani Ports secures Rs 5,000 crore via 15-year non convertible debenture
Adani Ports and Special Economic Zone Ltd (APSEZ) on Friday said it has successfully raised Rs 5,000 crore through a 15-year Non-Convertible Debenture (NCD).