Apple’s FY2025 kicked off with a significant increase in iPhone exports from India, with April figures nearly doubling to $1.1 billion from $580 million a year earlier.

What Happened: According to The Economic Times, this strong start fuels expectations that Apple will exceed ₹1 lakh crore in exports, solidifying India’s place as its second-largest iPhone manufacturing hub after China. Presently, approximately 14-15% of Apple’s total iPhone production occurs in India, with projections to reach 26% by 2026.

In FY2024, Apple's total production in India hit $14 billion, with exports accounting for over $10 billion, marking the highest annual export value by any company in India.

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Apple, through its contract manufacturers Foxconn, Wistron, and Pegatron, benefits from India's production-linked incentive (PLI) scheme, with Foxconn leading exports, handling more than 70% of the shipments. Wistron, now owned by the Tata Group, and Pegatron, in talks for a majority stake sale to Tata, also contribute significantly.

Why it matters: The surge in April suggests Apple might surpass the fourth-year targets of the PLI scheme. While Apple and a few others like Samsung and Dixon Technologies consistently meet PLI targets, many beneficiaries struggle to fulfill their goals. Meanwhile, Apple’s market presence in India grows steadily, with a 38% YoY increase and aims to expand its local market share into double digits from around 7% in FY24.

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