Apple Reaches ₹1 Lakh Crore Milestone in iPhone Exports from India

Apple has achieved the ₹1 lakh crore milestone for iPhone exports from India in 2024, with its exports hitting a record $12.8 billion (₹1.08 lakh crore), an increase of 42% year-on-year, as per preliminary industry estimates. This follows a rise in local value addition — now at 15-20%, based on the model — with domestic production soaring almost 46% from last year to $17.5 billion (₹1.48 lakh crore), according to preliminary estimates for January to December that will be submitted to the government. 

The Cupertino-based firm recorded $9 billion in exports in 2023, representing three-quarters of the domestic manufacturing total of $12 billion.

“Apple’s achievement remains unparalleled in a year for any single product export from India,” a government official told ET, while highlighting the success of the production-linked incentive (PLI) scheme for smartphones.

Production and export figures consider the freight on board (FOB) value, representing the price at which the device departs from the factory. Retail prices are approximately 60% greater. The government, nevertheless, provides incentives based on the FOB value under the PLI scheme.

According to industry executives, Apple has reached local value addition of up to one-fifth for several models, alongside record production and export figures, as the company keeps broadening its supplier network in the country. They mentioned that initially, the local value addition for the US giant in the PLI scheme was 5-8%.