Apple’s India iPhone Production Hits $10 Billion FOB Value In FY25; $7 Billion Exported

In a significant milestone, Apple’s iPhone production in India achieved a freight-on-board (FOB) value of $10 billion within the first seven months of FY25 (April-October 2024), Union Minister Ashwini Vaishnaw revealed in a post on X.

According to the Business Standard article shared by the minister, the estimated market value of this $10 billion FOB production stands at $15 billion, factoring in sales, distribution, marketing, margins, and logistics costs. The FOB value reflects the factory gate price of the product before additional costs are added.

Of the $10 billion production, approximately 70 per cent—equivalent to $7 billion—was exported, while the remaining $3 billion catered to domestic demand. October 2024 also marked a historic achievement for Apple, as monthly iPhone production surpassed $2 billion for the first time.

Apple’s remarkable growth in India is closely tied to the government’s Production-Linked Incentive (PLI) Scheme for Smartphones, introduced in 2020 to encourage large-scale electronics manufacturing. 

Speaking on Apple’s performance in India, CEO Tim Cook remarked: “We continue to be excited by the enthusiasm we're seeing in India, where we set an all-time revenue record. This has been an extraordinary year of innovation at Apple.”

Union Minister Vaishnaw also highlighted Apple’s contribution to job creation in India, stating that the company has generated 175,000 direct jobs over the past four years, with women filling over 72 per cent of these roles.

Apple’s success underscores the effectiveness of India’s PLI scheme and reflects the growing importance of the country in the global electronics manufacturing ecosystem. With robust government support and private investment, India is poised to become a major player in the global smartphone market.

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