Apple Inc’s Indian venture has successfully crossed the $23 billion (around ₹2 lakh crore) revenue threshold within three years of starting manufacturing operations in the country.

What Happened: Apple’s business in India has experienced a significant upswing, exceeding $23 billion (₹2 lakh crore) in FY24, reported Economic Times. This was an increase from ₹1.15 lakh crore in the previous year.

This is the highest manufacturing growth by a company in India in the last 50 years.

The report underscores Apple’s remarkable performance in the Indian market, a terrain typically dominated by Android-based smartphones. This growth is attributed to Apple’s intensified focus on India as a crucial market and its attempts to augment local manufacturing.

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A recent Economic Survey shows India contributed 14% to Apple’s overall production, almost doubling from a contribution of 7% in FY23.

iPhones contributed around ₹1.35 lakh crore ($15 billion) to the exports in the last fiscal year. Apple products made domestic sales of around ₹68,000 crore in FY24, the report added.

Apple is the first global tech firm that is shifting its supply chain away from China and towards India. It started manufacturing in India in 2021.

In Apple’s Q3 results, quarterly revenue increased 5% year on year to $85.8 billion (around ₹7.18 lakh crore). The company said Mac revenue increased by 2% from the previous year powered by the robust performance of the M3-powered MacBook Air in markets like India.

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