Apple aims to produce Rs. 1 lakh crore (US$ 12 billion) worth of iPhones in India by March 2024. Officials reveal the tech giant has already ramped up production to over Rs. 60,000 crore (US$ 7.19 billion) in the fiscal year’s first seven months. The target might extend to the first quarter of FY25 if not met this year.
Despite global challenges impacting Western consumers’ gadget consumption, Apple prepares for the festive season. Approximately 70% of iPhones made in India are exported, totaling Rs. 40,000 crore (US$ 5 billion) from April to October this fiscal year.
Under the PLI scheme, Foxconn, Pegatron, and Wistron handle Apple’s manufacturing in India. Tata Group’s acquisition of Wistron Infocomm Manufacturing establishes them as the first Indian company in Apple’s supply chain.
Apple’s focus on India since 2018-19 yields results, with a predicted record sale of 9-10 million iPhones in India in 2024. Additionally, Apple plans to start AirPods production at the Foxconn facility in Hyderabad by December 2024.
