PLI Scheme Powers ₹1.10 Lakh Crore Revenue Boost for Smartphone Sector

The smartphone production-linked incentive (PLI) program in India has resulted in a revenue of ₹1.10 lakh crore for the government, which is 19 times the initial investment. With the support of Apple manufacturers and Samsung, the program has increased production, exports, and job opportunities, although certain domestic companies have faced challenges in meeting goals.

Benefiting from the government's PLI scheme, Apple has achieved a significant milestone in India. Union Minister Ashwini Vaishnaw revealed on X that the tech company's iPhone manufacturing generated a freight-on-board (FOB) value of $10 billion during the initial seven months of FY25 (April-October 2024).

Accompanying a Business Standard report, which reported a 37% rise from the previous year in FY24, Vaishnaw celebrated the news as a significant achievement. He also mentioned that $7 billion worth of iPhones were exported out of the total $10 billion, marking a historic success for both the company and the nation.

This indicates that almost 70% of the manufactured products were sent overseas, with $3 billion in iPhones serving the local market. In October 2024, Apple made history in India by surpassing $2 billion in iPhone production in a single month for the first time.

“Yet another milestone for Smartphone PLI Scheme in 7 months: $10 billion iPhone production by Apple with $7 billion exports. Total smartphone exports from Bharat crossed $10.6 billion in seven months,” he said.