Apple's iPhone exports from India experienced a remarkable surge, surpassing ₹10,000 crores in May this year, as reported by the Economic Times (news report under paywall). The nation's smartphone exports in the months of April and May 2023 witnessed exports exceeding ₹20,000 crores. This marks a doubling in comparison to the corresponding period last year, which stood at ₹9,066 crores, according to the India Cellular and Electronics Association.
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Apple moving away from China!
The tech giant, Apple, is expanding its local production capabilities and shifting its focus from China due to geo-political tensions and is aiming to make India a potential centre for its high-end smartphones.
India presents a lucrative manufacturing destination
India's ambitious Production-linked Incentive (PLI) scheme for smartphones and showcasing itself as a promising venue for manufacturing and export hub for smartphones is also key factor. Notably, India has been exporting smartphones to several developing countries, including the UK, Italy, France, the Middle East, Japan, Germany, and Russia, according to a Live Mint report.
Apple in India
{{/usCountry}}India's ambitious Production-linked Incentive (PLI) scheme for smartphones and showcasing itself as a promising venue for manufacturing and export hub for smartphones is also key factor. Notably, India has been exporting smartphones to several developing countries, including the UK, Italy, France, the Middle East, Japan, Germany, and Russia, according to a Live Mint report.
Apple in India
{{/usCountry}}In 2016, Apple sought permission from the Indian government to establish its own stores in the country. The same year, India eased its investment regulations for foreign retailers, allowing global giants like Apple and IKEA to open retail outlets.
In April of this year, Apple's CEO Tim Cook visited India to inaugurate two retail stores in Mumbai and New Delhi.
Currently, Apple's manufacturing output in India represents about 5-7% of the total, but JP Morgan analysts predict that the company plans to expand its production capacity in India to manufacture 25% of all iPhones by 2025, Mint report added.