Made-in-India iPhones Marked A Record ₹1 Lakh Crore Production Milestone Last Year

Made-in-India iPhones Marked A Record ₹1 Lakh Crore Production Milestone Last Year

By market value, Apple is now arguably India’s top phone manufacturer. The tech giant has expanded its market share in India to 6% in FY23 from 2% in FY18, as reported by Counterpoint.

www.benzinga.comUpdated: Tuesday, January 09, 2024, 04:31 PM IST
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Made-in-India iPhones Marked A Record ₹1 Lakh Crore Production Milestone Last Year |

Apple‘s production figures in India have hit a new stride, with iPhones worth over ₹1 lakh crore rolling out last year — a significant leap from the previous year’s figures. Data shared with the Economic Times shows that within this output, iPhones worth ₹65,000 crore were exported between January and December.

What Happened? An official familiar with the production details clarified, “The ₹1 lakh crore figure represents the freight on board (FOB) value as the devices leave the factory. The market value, after accounting for taxes and dealer margins across various countries, could range between ₹1.5 lakh crore and ₹1.7 lakh crore.”

FOB essentially means the cost of the products when they leave the factory before taxes and additional charges apply. Apple’s achievement has surpassed the set targets under the production-linked incentive (PLI) scheme, potentially qualifying the company's contract manufacturers for further incentives based on the scheme's financial outlay.

Why it matters? This accomplishment underscores the government’s efforts to diversify global supply chains from China to India.

By market value, Apple is now arguably India’s top phone manufacturer. The tech giant has expanded its market share in India to 6% in FY23 from 2% in FY18, as reported by Counterpoint. During this period, Apple’s business in India surged to ₹49,322 crore from ₹13,097 crore. In contrast, Samsung’s mobile revenues grew to ₹70,292 crore from ₹37,349 crore, despite a market share dip.

Apple is also fostering a robust ecosystem of Indian suppliers, like a Tata Group unit, further cementing its move away from China.

(The article is published under a mutual content partnership arrangement between The Free Press Journal and Benzinga)

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