Apple has achieved a significant milestone, with $10 billion in iPhone production in India from April to October 2024. This marks a 37% increase from the previous year. Of this, $7 billion worth of iPhones were exported, making up nearly 70% of the total production.
Historic Growth Fuelled by PLI Scheme
The growth is largely driven by the Indian government’s Production-Linked Incentive (PLI) scheme, which incentivizes large-scale manufacturing. The scheme has generated ₹1.10 lakh crore in revenue, creating thousands of jobs and boosting exports.
Record Production in October 2024
October 2024 saw over $2 billion in iPhone production, marking a historic high. Apple’s growth in India continues to soar, supported by key Taiwanese suppliers like Foxconn and Pegatron.
Impact on Jobs and Local Economy
The PLI scheme has not only increased production but also created 175,000 direct jobs, with over 72% of these positions filled by women. This underscores the scheme’s success in promoting employment and gender diversity.
Looking Ahead: Future of PLI Scheme
The PLI scheme, effective until FY26 for most companies, continues to support Apple’s and other companies’ growth in India, contributing to both the economy and global exports.
