News Brief
iPhone Exports From India Reach Record High Of Rs 10,000 Crore In May
Apple iPhone 14 lineup (Representative Image)
In a positive development, iPhones worth Rs 10,000 crore were exported from India in May, contributing to the total smartphone exports of Rs 12,000 crore for the month.
According to data from the India Cellular and Electronics Association, smartphone exports in the first two months of the current fiscal year (April and May) exceeded Rs 20,000 crore ($2.4 billion), more than double the ₹9,066 crore recorded during the same period last year, reports Economic Times.
Apple's iPhones make up 80 per cent of India's smartphone exports, with the remaining portion consisting of Samsung phones from Korea and some local brands.
According to the ET report, Experts have highlighted that the April-May iPhone exports demonstrate the efforts of the Cupertino-based company to establish India as its second home for iPhone manufacturing.
In FY23, India's iPhone exports reached $5 billion, making it the first single brand to achieve this feat.
Apple has been expanding its supply chains beyond China, with India emerging as a hub for iPhone production.
The company is also exploring the possibility of manufacturing AirPods in India.
Until 2020, Apple's supply chains were predominantly based in China. However, due to geopolitical tensions between Washington and Beijing and the launch of New Delhi's smartphone production-linked incentive (PLI) scheme, Apple is increasingly shifting its focus towards India.
During Prime Minister Narendra Modi's state visit to the US from 21-24 June, the Indian delegation is expected to showcase the success story of Apple in India to encourage American companies like Tesla to relocate their supply chains to India.
Officials have stated that the focus areas will include semiconductors, electric vehicles, and other critical emerging technologies.
The Indian delegation has planned several industry engagements, particularly with companies involved in critical emerging technologies and supply chains.
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