Business Business: Apple exported $5 billion worth of iPhones from India between April and August this fiscal. The amount has increased by 50% compared to the same period last fiscal. Industry analysts expect iPhone exports to continue to grow in the holiday quarter and domestic production of iPhone Pro and iPhone Pro Max to begin in the coming months. The new iPhone 16 series will be available in the country from September 30 with attractive financing options and other offers.
According to Railway, Electronics and Information Technology Minister Ashwini Vaishnaw, Apple’s latest iPhone 16 will be manufactured at a manufacturing facility in India. “Prime Minister Narendra Modi’s ‘Make in India’ initiative is now enabling world-class production of premium products,” he said in a post on the PLI scheme on online media platform X. iPhone exports reached $1 billion per month.
iPhone exports from India are expected to grow from $6.27 billion in 2022-23 to $12.1 billion in 2023-24. Overall, the company’s operations in India totaled $23.5 billion in the last fiscal year. The company’s revenue in India is expected to grow by 18% (annual) in 2024 and the new iPhone 16 series will help the company further strengthen its presence in India. In addition, we will try to develop exports.
Last year, Apple sold about 10 million iPhones in India. This year the number is expected to increase to more than 1.3 billion yen. Apple plans to produce more than 5 billion iPhones annually in India. In fact, the company wants to shift its production from China to India. Tata Electronics manufactures iPhones for Apple in two factories, but contracts with Foxconn and Pegatron.
