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Business News/ Technology / News/  Apple iPhone export from India surges to 10,000 crore in May: Report

Apple iPhone export from India surges to ₹10,000 crore in May: Report

Apple's iPhone exports from India surged to ₹10,000 crore in May 2023, with smartphone exports crossing ₹20,000 crore in April and May, more than double the same period last year.

Apple Inc. iPhone 14 smartphones at the new Apple Saket store during its opening in New Delhi, India (Bloomberg)Premium
Apple Inc. iPhone 14 smartphones at the new Apple Saket store during its opening in New Delhi, India (Bloomberg)

Apple's iPhone exports from India reportedly surged 10,000 crore in May this year, according to Economic Times. In April and May 2023, smartphone exports crossed 20,000 crore, more than double ( 9,066 crore) in the same period last year, according to the India Cellular and Electronics Association.

The export of Apple iPhone from India escalated nearly four times to cross $5 billion in FY2023 as the company ramped up local production of its devices.

The Cupertino-based company is diversifying its supply chains out of China and increasing its presence in India making it the new potential hub for the premium handsets.

After the Covid pandemic, Apple Inc is gradually shifting its focus toward India due to geopolitical tension between the US and China and New Delhi's ambitious Production-linked Incentive (PLI) scheme for smartphones.

India is exporting smartphones to several developing countries such as the UK, Italy, France, the Middle East, Japan, Germany, and Russia.

In January 2016, Apple filed an application with India's government to set up its own stores in India. During the same year, India relaxed its investment rules for foreign retailers, clearing the way for giants such as Apple and IKEA to set up stores in the country.

In September 2020, Apple Inc launched its first online store in India.

In April this year, Apple CEO Tim Cook visited India for the launch of two retail stores of the premium smartphone brand in Mumbai and New Delhi.

Currently, India accounts for about 5-7% of the total manufacturing output of Apple's components. According to JP Morgan analysts, Apple is expected to expand its manufacturing capacity in India to produce 25% of all iPhones by 2025. The employment strength of Apple in India stands at 1 lakh. Sources said this is expected to go up to 2 lakh in the coming years.

Cook has expressed confidence about a long-term working relationship with India.

After the meeting with Prime Minister Modi in April this year, Tim Cook tweeted, "Thank you Prime Minister @narendramodi for the warm welcome. We share your vision of the positive impact technology can make on India's future -- from education and developers to manufacturing and the environment, we're committed to growing and investing across the country."

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Published: 19 Jun 2023, 09:37 AM IST
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