Apple's India business has achieved a significant milestone in FY24, with its operations exceeding Rs 2 lakh crore ($23.5 billion) in value—a remarkable surge from Rs 1.15 lakh crore the previous year. This growth is largely driven by a substantial increase in iPhone production and robust domestic sales of MacBooks, iMacs, iPads, Watches, and AirPods. Top officials have highlighted that the pace of Apple's production and export growth in India over the last 50 years is likely the fastest seen by any company. This extraordinary expansion has established Apple as the largest global value chain (GVC) operating within the country. Apple is also the first GVC in India to strategically shift a portion of its supply chain away from China. The rapid acceleration of Apple's operations in India can be attributed to the government's smartphone production-linked incentive (PLI) scheme introduced in 2020. Apple began manufacturing iPhones in India in 2021, marking the first time the company produced iPhones outside China. Since then, production has steadily increased through its three contract manufacturers—Foxconn, Wistron, and Pegatron—reaching Rs 1.20 lakh crore in FY24. The government provides incentives based on the freight on board (FOB) value, with market or retail prices being 50-60% higher. As noted in the Economic Survey, India's contribution to Apple's overall production has grown to approximately 14%, positioning the country as a crucial hub for the company's global exports. In FY23, this share was around 7%. According to official data, iPhones dominate these figures, with exports valued at approximately Rs 1.35 lakh crore ($15 billion) in the last fiscal
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Anamika Mishra,
Sub Editor
