Iphone Exports From India Hits Record $10 Billion In FY24

2024-04-15 02:23:30

(MENAFN- KNN India) New Delhi, Apr 15 (KNN) Apple has set a new milestone by exporting USD 10 billion worth of iPhones from India during the fiscal year 2024, according to government data.

This represents a staggering 100 per cent increase over the previous fiscal year's exports under India's Production-Linked Incentive (PLI) scheme.

This achievement marks the largest-ever export of a single branded consumer product from India by any company.

iPhone exports accounted for a whopping 70 per cent of Apple's total production in India during fiscal 2024.

The tech giant's three suppliers in India - Foxconn, Pegatron, and the Tata Group's Wistron played a pivotal role in this record-breaking export performance.

Foxconn exported 60 per cent of its total iPhone output, while Pegatron shipped out 74 per cent and Wistron an impressive 97 per cent of their respective iPhone production.

Apple's focus on manufacturing in India aligns with the company's strategy to diversify its supply chain beyond China.

The record exports underscore India's growing importance as a production hub for Apple and highlight the success of the government's PLI scheme in attracting foreign investment.

As Apple continues to ramp up operations in the country, industry watchers anticipate India will play an increasingly crucial role in the company's global production and supply chain networks.

(KNN Bureau)

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