News Brief
Apple's 'Make In India' Success: Exceeds PLI Target By Producing iPhones Worth Over Rs 1 Lakh Crore In India
Apple is betting big on India and is moving a substantial part of its supply chain away from China.
In a significant achievement, Apple , along with its three contract manufacturers, have reached a new milestone by producing iPhones worth over Rs 1 trillion in the first 11 months of the current financial year (2023-24).
Surpassing its target two years ahead of schedule, the tech giant has also exceeded its third-year target by 33 per cent.
Under the PLI scheme, each of Apple's suppliers was mandated to produce phones worth a minimum of Rs 15,000 crore to claim incentives.
As per reports, Apple vendors are expected to end FY24 with iPhone production valued at Rs 1.1 trillion, making India account for 12 per cent of the company's global iPhone production.
This significant ramp-up in manufacturing represents a nearly 100 per cent growth over the previous financial year.
The acceleration in manufacturing by Apple’s three suppliers makes the iPhone the fastest-growing Made-in-India product.
Notably, Apple now ranks among India's top 10 manufacturing companies in terms of revenue.
Foxconn, Wistron, and Pegatron, the three suppliers, contribute to multiple iPhone models' production, including the latest iPhone 15 launched in September 2023.
Also, nearly 68 per cent of the total production of iPhones in the past 11 months was exported from India.
