New Delhi, July 26 2024-
In yet another success story of India’s local manufacturing push, iPhone maker Apple has achieved record exports numbers in the April-June quarter in the country, reaching around $3.8 billion.
Riding on the government’s production-linked incentive (PLI) scheme, Apple reached a new all-time high in the Q1 FY25, according to industry data, as manufacturers continue to look at the ‘China + 1 business strategy’ to avoid investing only in the neighbouring country and diversify business into other territories.
In the last fiscal (FY24), the Cupertino-based tech giant saw its sales hitting new highs amid increased manufacturing and a growing premiumisation trend.
The tech giant saw robust around $8 billion sales in India in the last fiscal — a nearly 33 per cent surge (on-year).
The growth came amid the premiumisation trend that has solidified in the world’s second-largest smartphone market.
According to industry estimates, iPhone shipments are projected to increase by over 20 per cent this year on the back of domestic manufacturing support and strong distribution.
Industry experts said that Apple continues to enjoy the strong brand pull and lately expanding its channel presence in the country which helped it to grow further.
In the Union Budget 2024-2025, the government has announced to reduce the basic customs duty (BCD) on mobile phones, printed circuit board assembly (PCBA) and mobile chargers to 15 per cent from the current 20 per cent.
Finance Minister Nirmala Sitharaman said that with a three-fold increase in domestic production and an almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured.
India’s electronics sector experienced rapid growth, reaching $155 billion in FY23.
Production nearly doubled from $48 billion in FY17 to $101 billion in FY23, driven primarily by mobile phones, which now constitute 43 per cent of total electronics production.
The country has significantly reduced its reliance on smartphone imports and is now manufacturing 99 per cent devices domestically. (Agency)
