Business
Apple's India Expansion: iPhone Maker Sets Sights On $40 Billion Production In Next Five Years
Apple CEO Tim Cook
As per government sources, Apple intends to increase its production in India by over five times to approximately $40 billion (about Rs 3.32 lakh crore) in the next four to five years.
The iPhone maker has already surpassed the $7 billion production milestone in the previous fiscal year.
News agency PTI reported this development.
Apple currently manufactures iPhones in India and plans to begin manufacturing Airpods next year. However, there are no immediate plans to produce iPads or laptops in the country.
As per an official who spoke to PTI and didn't wish to be named, Apple does not currently have plans to participate in the IT hardware PLI (production-linked incentive) scheme. They may consider it in the future, but for now, their focus is on expanding their existing production levels.
In the financial year which ended on 25 September 2022, Apple achieved impressive global sales of iPhones, totalling $191 billion.
Additionally, the company sold $38.36 billion worth of products in the wearable, home, and accessories segment.
During the first nine months of the current calendar year, Apple experienced a slight decline in iPhone sales, with a 4 per cent dip, amounting to $156.77 billion.
The wearable, home, and accessories segment also saw a slight decrease, reaching $30.52 billion.
Apple has now become the leading exporter of mobile phones from India.
Industry sources report that the launch day sales of Apple's iPhone 15 series showed an impressive 100 per cent growth compared to the previous iPhone 14 series.
Apple has introduced the iPhone 15 series, consisting of four models. The iPhone 15 and iPhone 15 Plus variants are being manufactured in India.
For the first time, Apple has made the 'made-in-India' iPhones available on the same day as the global release.
India is now one of the top five markets for the company which dominates the ultra-premium segment.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
