'Make In India' Triumph: Apple Starts FY25 With Stellar Growth, iPhone Exports Nearly Double To $1.1 Billion In April

Apple has reported a significant surge in iPhone exports from India at the beginning of fiscal year 2025, with figures reaching $1.1 billion (Rs 9,000 crore) in April, a sharp increase from $580 million during the same period last year.

This growth comes despite April typically being a low-export month, lacking major festive sales globally.

According to prediction by industry experts cited in an Economic Times report, this early momentum could propel Apple to surpass the Rs 1 lakh crore (around $12 billion) export mark by the end of FY25, as India solidifies its position as a crucial manufacturing hub for the tech giant, second only to China.

Currently, iPhones are manufactured exclusively in these two countries, with an estimated 14-15 per cent of Apple's total production now based in India. This figure is expected to increase to 26 per cent by 2026.

In FY24, Apple's production in India achieved a record high of $14 billion (Rs 1.2 lakh crore), with exports contributing over $10 billion (Rs 85,000 crore) to this total.

These figures represent the highest annual production and export values recorded by any company in India in a single financial year.

Apple has three contract manufacturing partners in India—Foxconn, Wistron, and Pegatron.

Foxconn leads as the primary exporter, responsible for more than 70 per cent of the India-made iPhones.

Wistron, recently acquired by the Tata Group, and Pegatron, currently in negotiations with Tata for a majority stake sale, also play significant roles in the iPhone production chain.

This robust start to FY25 reportedly suggests that Apple is on track to exceed its targets under the Production Linked Incentive (PLI) scheme, which is now in its fourth year.

Apple's performance contrasts with other PLI beneficiaries, many of whom have struggled to meet their respective targets.

Samsung and Dixon Technologies are among the few others that have achieved some of their goals under the scheme.

Apple's focus on India extends beyond exports. The domestic market has also seen substantial growth, with a 38 per cent increase in sales year-on-year.

The company aims to quickly expand its market share in India, targeting double digits, up from about 7 per cent in FY24.

The company's expanding operations have also bolstered job creation, with over 150,000 new positions generated in the last three years due to the PLI scheme.

Apple continues to enhance its retail presence in India, partnering with numerous authorised resellers and major retail chains, offering competitive margins and incentives to increase its market penetration.

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