New Delhi. Helped by the Production-Linked Incentive (PLI) scheme, tech giant Apple's iPhone exports from India have increased to $5 billion in the April-August period of the current financial year.
According to industry data, the review period has seen a growth of 50 per cent compared to the same period of the previous financial year.
Industry analysts said that production of Apple's iPhone Pro and iPhone Pro Max models is about to start in India. This is going to increase the value of iPhone exports in the coming time.
The new iPhone 16 series will be available in the country from September 20. Union Railway and Electronics and IT Minister Ashwini Vaishnav said that Apple iPhone 16 is being manufactured in Indian manufacturing plants.
In a social media post, the minister said that under the 'Make in India' initiative of Prime Minister Narendra Modi, iconic products for the world are being made in India.
At present, at least one billion dollars worth of iPhones are being exported from India every month. The main reason for this is the PLI scheme in the country. iPhones worth $12.1 billion were exported in 2023-24. iPhones worth $6.27 billion were exported in 2022-23. The value of Apple's India operations in the financial year 2023-24 was $23.5 billion.
Apple's revenue in India may grow by 18 percent year-on-year in 2024. With the launch of the new iPhone, the company's position in the country will be stronger than before.
Last year, Apple sold around 10 million iPhones in India. This year it is expected to increase to 13 million. Apple aims to produce more than 50 million iPhones in India every year.
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Image Credit: Khas-Khabar.