Apple has seen remarkable success in India, producing and assembling $14 billion worth of iPhones in fiscal year FY24, with exports accounting for over $10 billion of this figure. The strong performance in the current fiscal year underscores the company’s increasing reliance on India as a manufacturing hub. As noted by Union Electronics and IT Minister Ashwini Vaishnaw, iPhone exports from India have reached Rs 60,000 crore ($7 billion) in just the first seven months of FY25, with the company consistently shipping iPhones valued at almost $1 billion each month.
In the July-September period, Apple even set an all-time revenue record in India, reflecting the growing demand for its products in the country. This surge in production and exports is a testament to both the success of the PLI scheme and Apple’s strategic investment in Indian manufacturing.
The Apple Ecosystem in India: Jobs and Growth
The expansion of Apple’s operations in India is also having a profound impact on local employment. According to Vaishnaw, the company’s ecosystem has created 175,000 direct jobs over the past four years, with more than 72% of these jobs filled by women. This highlights Apple’s commitment to enhancing economic growth and employment opportunities, particularly for women in India’s tech sector.
Apple’s success in India is not just confined to manufacturing. With a 36% increase in operating revenue in India in FY24, the company has surpassed Rs 66,700 crore ($8 billion) in revenue. Moreover, Apple’s profit for FY24 rose by 23%, reaching Rs 2,746 crore ($330 million), further reinforcing its strong market position in the country.
A Bright Future for Apple in India
Tim Cook, Apple’s CEO, expressed excitement about the company’s performance in India, calling it an extraordinary year for innovation. The surge in production, exports, and profits shows that Apple’s efforts to localize manufacturing in India are paying off. As the demand for iPhones continues to grow, particularly in aspirational Bharat (rural and tier-2 cities), Apple is expected to deepen its ties with India, potentially making it an even more critical part of its global supply chain.
This record-breaking growth in iPhone production and exports is a clear indication that Apple’s future in India looks brighter than ever. As the company expands its manufacturing capabilities, it will continue to drive innovation, job creation, and economic development in the country.
