Apple's growth in India has been supported by its key manufacturing partners—Foxconn, Pegatron, and Tata Electronics (formerly Wistron). Together, these firms have helped Apple leverage the incentives provided under the PLI scheme, introduced in 2020, to promote large-scale electronics manufacturing. The scheme has generated ₹1.10 lakh crore in revenue for the Indian government, delivering a 19-fold return on investment.
Apple has achieved a significant milestone in India, fueled by the government’s Production-Linked Incentive (PLI) scheme. Union Minister Ashwini Vaishnaw announced that the tech giant’s iPhone production reached a freight-on-board (FOB) value of $10 billion between April and October 2024, marking a 37% year-on-year increase compared to the same period in FY24. This accomplishment underscores Apple's growing manufacturing presence in India.
Of the $10 billion worth of iPhones produced, $7 billion were exported, setting a new record for Apple and the Indian electronics sector. The remaining $3 billion worth of iPhones were sold domestically. October 2024 proved historic, with iPhone production surpassing $2 billion in a single month for the first time.
The initiative has also had a profound social impact. Over the past four years, Apple has created 175,000 direct jobs in India, with 72% of these positions being filled by women, signaling a shift towards inclusivity in the manufacturing sector.
Apple’s performance in India reflects its strategic focus on the market, which CEO Tim Cook has called an area of "extraordinary opportunity." Earlier this year, Apple recorded an all-time revenue high in India, driven by robust demand and increased local manufacturing capabilities.
