Apple's Already Met A Major Chunk Of Its Promised PLI Scheme Target

In a stellar display of ‘Make in India’ success, Apple has achieved a remarkable feat in iPhone assembly for the fiscal year 2023-24. Within just seven months, Apple’s three vendors – Foxconn, Pegatron, and Wistron (now part of Tata Group) – have assembled iPhones worth over ₹60,000 crore.

Why it matters? This impressive figure represents 81% of their annual target under the Production-Linked Incentive (PLI) scheme, with a significant 70% portion contributed by iPhone exports from India.

As per a Business Standard report, these numbers, sourced from the vendors’ reports to the government, reveal a promising trajectory, potentially reaching an astounding ₹90,000 crore to ₹1 trillion by the end of the fiscal year.

This progress not only outstrips their PLI commitment by 20-35% but also sets a strong foundation to surpass the next fiscal year’s target of ₹92,526 crore. By FY26, Apple aims to shift 18-20% of its global iPhone production to India.

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The current fiscal year’s figures nearly match the total Free On Board (FOB) value achieved in FY23, indicating rapid growth.

A roaring success: Notably, iPhone exports from India have seen a 177% year-on-year increase, reaching $5 billion in the first seven months of FY24, compared to $1.8 billion in the same period last year.

This surge in iPhone production and exports has significantly boosted Apple’s share in India’s mobile device exports, jumping from 45% in FY23 to 62.5% in the current fiscal year. The trend aligns with the Indian government’s ambitious targets for mobile device production, aiming for $15 billion in exports and a total production value of $50 billion by the end of FY24.

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