BackApple plans to scale up production by 5 times in India to $40 billion in next 5 years: Report
According to the report, the firm has crossed the $7 billion production mark in the last financial year.
PremiumIn the next 4-5 years, iPhone maker Apple has plans to scale up production in India by over five-fold to around $40 billion (about 3.32 lakh crore), reported news agency PTI citing government sources.
According to the report, the firm has crossed the $7 billion production mark in the last financial year.
"Apple has plans to increase production in India to over $40 billion in the next 4-5 years. It has crossed $7 billion in the last fiscal," the official said.
Mint could not verify the report independently.
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Apple manufactures iPhones in India and has plans to start manufacturing Airpods from next year. However the officer said that the firm has no immediate plans to make iPads or its laptops in India.
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"They don't have any plans to participate in IT hardware PLI. They may come at a later stage but as of now their focus is to scale up existing production levels," the officer said.
In the financial year ended on 25 September 2022, Apple company globally sold iPhones worth $191 billion and products worth $38.36 billion in the wearable, home, and accessories segment.
Apple recorded about a 4 percent dip in iPhone sales at $156.77 billion in the first nine months of the current fiscal and a slight decline in the wearable, home, and accessories segment at $30.52 billion.
The firm has even become the largest exporter of mobile phones from India. Industry sources claimed the sales of Apple's iPhone 15 series registered a 100 percent growth compared to that of the iPhone 14 series on the launch day on Friday.
Apple has launched four models in the iPhone 15 series. Two variants -- iPhone 15 and iPhone 15 Plus -- are also being made in India.
For the first time, Apple made available the 'made-in-India' iPhones on the same day it started selling the devices in other parts of the globe.
According to market research firm Counterpoint Research, Apple led the ultra-premium segment, with phones priced above ₹45,000 apiece, with 59 percent market share in the first quarter of 2023 and India is among the top-five markets for the company now.
With agency inputs.
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