Apple to Increase Indian Production to $40 Billion in 5 Years

Apple to Increase Indian Production to $40 Billion in 5 Years

In the next four to five years, iPhone maker Apple plans to scale up production in India by over five-fold to around $40 billion (about Rs. 3.32 lakh crore), according to a news report citing government sources. The company crossed the $7 billion production mark in the last financial year, the report added.

The US company also plans to start manufacturing Airpods from next year, but has no immediate plans to make iPads or laptops in India. The focus is to scale up existing production levels. It does not have any plans to participate in IT hardware PLI as of now, the official added.

On September 22, iPhone 15 series, including iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max hit the stores in India and other countries. For the first time, the company made the India-built iPhone 15 models available in the country and other parts of the world on the global sales debut day.

In the financial year ended on 25 September 2022, Apple globally sold iPhones worth $191 billion and products worth $38.36 billion in the wearable, home, and accessories segment.

The company recorded about a 4% dip in iPhone sales at $156.77 billion in the first nine months of the current fiscal and a slight decline in the wearable, home, and accessories segment at $30.52 billion.

Apple has even become the largest exporter of mobile phones from India. Industry sources claimed the sales of Apple’s iPhone 15 series registered a 100% growth compared to that of the iPhone 14 series on the launch day.