Apple Achieves Milestone: $10 Billion iPhone Exports From India In A Year, Registers 100 Per Cent Increase Under PLI

Apple has achieved a significant milestone by exporting iPhones worth $10 billion from India during the financial year 2023-24 (FY24).

This also marks a stellar record of 100 per cent increase from the previous year under the Production-Linked Incentive (PLI) scheme.

This export figure represents the largest-ever export of a single branded product by any company from India in terms of consumer products according to a report from Business Standard.

iPhone exports accounted for 70 per cent of Apple's total production in FY24.

Among the three suppliers, Foxconn exported 60 per cent of its total iPhone output, Pegatron 74 per cent, and Wistron (now owned by Tata) 97 per cent.

The aggregate export target under the PLI for these suppliers was $7.2 billion, a target they achieved in excess of 39 per cent.

According to the same report, Apple has also become the first global value chain that has accepted India as its centre, mainly for labour-intensive manufacturing exports.

According to an earlier report, the Apple ecosystem now directly employs more than 1.5 lakh individuals since the implementation of the Production-Linked Incentive (PLI) scheme for smartphones in August 2021, making it the largest creator of blue-collar jobs in the country.