Apple Aims To Boost Indian Manufacturing Output By 500%, To Reach $40 Billion

Apple is expected to significantly increase its production in India more than fivefold to around $40 billion, equivalent to Rs 3.32 lakh crore, over the next half-decade, according to a new PTI report based on government sources.

A government source, who wishes to remain anonymous, revealed that Apple had already passed the $7 billion production milestone in the previous fiscal year.

“Apple plans to increase its production in India to over $40 billion in the next 4-5 years. It has crossed $7 billion in the last fiscal,” a source told PTI.

For the uninitiated, Apple already manufactures iPhones in India, and this year customers received “Indian assembled” iPhones on the September 22 launch date. This marks a significant improvement over last year, when iPhone 14 units were said to be manufactured in India. in a month, on store shelves and in the hands of customers.

Additionally, Apple has opened two official stores in India namely Apple BKC in Mumbai, Maharashtra and Apple Sake in New Delhi. According to Apple, both stores have “exceeded expectations” and are performing well.

In addition, Apple CEO Tim Cook has emphasized the importance of India as one of the most important markets for the Cupertino-based technology giant. Last year, Cook described the Indian market as “incredibly exciting” and a “major focus” for the company.

Having said that, the PTI source also revealed that while Apple might not be “engaging in IT hardware PLI (for now), they might come at a later stage, but for now their focus is on scaling the current production level.”

Apple also released its third quarter results last month. Apple CFO Luca Maestri stated that the company “set an all-time iPhone revenue record in India” and achieved “a record June quarter for iPhone and double-digit revenue growth in India with a very strong performance.”

Given these developments, it is not surprising that government sources are closely monitoring Apple’s expansion plans in India as the company seeks to reduce its reliance on China and tap into the promising Indian market.