In a significant achievement under the “Make in India” initiative, Apple Inc. has successfully assembled iPhones with a Freight-on-Board (FOB) value surpassing US$ 7.19 billion in the initial seven months of the fiscal year 2023-24. This accomplishment constitutes 81% of the aggregated target of Rs. 74,000 crore (US$ 8.87 billion) set for the year by its three manufacturing partners under the Production-Linked Incentive (PLI) scheme for mobile devices. Notably, a substantial 70% of this value is attributed to iPhones manufactured in India that are intended for export.
Three major vendors—Foxconn, Pegatron, and Wistron (now Tatas-owned)—have reported the assembly of iPhones worth over US$ 7.19 billion in the first seven months of FY24 under the PLI scheme. This exceeds 81% of their combined target of Rs. 74,000 crore (US$ 8.87 billion). Projections suggest a potential FOB value of Rs. 90,000 crore (US$ 10.79 billion) to Rs. 1 trillion (US$ 11.99 billion) by the end of FY24, surpassing their commitments. The surge is driven by a substantial 177% YoY growth in iPhone exports from India, reaching Rs. 416.85 billion (US$ 4.9 billion) in the first seven months of FY24. This growth significantly contributes to Apple’s aim of shifting 18-20% of iPhone production to India by FY26.
