Apple’s iPhones worth Rs 47,000 crore are expected to be made in India in the current financial year, compared with Rs 10,000 crore worth of these smartphones manufactured in the financial year 2021-22, according to an ET report quoting sources. This is the second year of the production-linked incentives scheme that started in April.
Under the PLI scheme, each of the contract manufacturers, Foxconn, Wistron and Pegatron, are required to manufacture phones worth Rs 8,000 crore.
India constitutes less than 1.5 per cent of Apple’s global sales. Over 60 per cent of the production of iPhones will be for exports, one of the primary goals of the PLI scheme.
Apple to see record shipments of around seven million units this year, giving it its highest-ever market share of 5.5 per cent. It will be driven by huge demand for a wider portfolio of devices and backed up by higher local production and attractive financing schemes.
The report said Apple is expected to produce iPhones worth USD 6 billion at the factory price during 2022-23, according to the report. The company’s India manufacturing started with iPhone SE in 2017 and the locally manufactured range now includes iPhones 11, 12 and 13.
