Apple's iPhone production in India crosses $10 billion mark
Apple has hit a major milestone in India, with its iPhone production hitting a freight-on-board (FOB) value of $10 billion between April and October 2024. This marks a whopping 37% increase over the same period last year. Union Minister Ashwini Vaishnaw took to social media to announce the achievement, noting that out of the total production, iPhones worth $7 billion were exported.
Record-breaking iPhone production and export in October 2024
October 2024 was a historic month for Apple in India, with iPhone production exceeding $2 billion in a single month for the first time. The feat highlights the tech giant's increasing footprint in the Indian market. Vaishnaw said, "Yet another milestone for Smartphone PLI Scheme in seven months: $10 billion iPhone production by Apple with $7 billion exports."
PLI scheme's role in Apple's growth
Apple's growth also coincides with the smartphone production-linked incentive (PLI) scheme launched by the Indian government in 2020. The initiative was designed to incentivize large-scale electronics manufacturing. It has produced 19 times its investment, bringing ₹1.10 lakh crore in revenue for the government. Fueled by Apple manufacturers and Samsung, the scheme has increased production, exports, and jobs.
Apple's job creation in India
Apple has generated around 1,75,000 new direct jobs in India in the last four years. More than 72% of these new jobs are occupied by women. This job creation is a reflection of the tech giant's dedication to diversity and inclusion in its workforce. The PLI scheme was modified after most beneficiaries, except Samsung, missed the targets in the first year.
