Apple's India operations have reached unprecedented heights, with the value of its business surging to over $23.5 billion in fiscal year 2024. This remarkable growth showcases India's immense potential as a manufacturing and sales hub for the tech giant. Apple's commitment to India is exemplified by its rapid expansion, now contributing around 14% to its global production. The success is driven by robust iPhone exports and strong domestic sales, further bolstered by government incentives. Apple's India story underscores the country's significance in the company's global expansion plans.
In a remarkable display of growth, Apple's operations in India have reached unprecedented levels, showcasing the country's immense potential as a manufacturing and sales hub for the tech giant. Top officials have revealed that the value of Apple's India business has surged to over Rs 2 lakh crore ($23.5 billion) in fiscal year 2024, up from Rs 1.15 lakh crore the year before.
This remarkable achievement is a testament to Apple's unwavering commitment to India and the country's strategic importance in the company's global expansion plans. "Apple has likely exhibited the fastest growth in production and exports by any company in the last 50 years in India, making the Cupertino-based tech giant the largest global value chain (GVC) operating domestically," the officials told ET.
The Economic Survey's recent findings further underline India's growing significance in Apple's global operations. The country now contributes around 14% to the US tech giant's overall production, emerging as a key hub for its global exports. This figure stood at just 7% in the previous fiscal year, showcasing the impressive strides made by Apple in strengthening its foothold in the Indian market.
iPhone exports have been a major driver behind this exponential growth, with iPhones worth a market value of around Rs 1.35 lakh crore ($15 billion) being exported in the last fiscal year. Domestic sales of Apple products, including MacBooks, iMacs, iPads, Watches, and AirPods, have also contributed significantly, totaling around Rs 68,000 crore ($8 billion) in FY24.
The government's Smartphone Production Linked Incentive (PLI) scheme has played a pivotal role in accelerating Apple's operations in India. Since the introduction of the scheme in 2020, the company has rapidly expanded its manufacturing capabilities, with iPhones worth Rs 1.20 lakh crore being produced in India in FY24 through its three contract manufacturers – Foxconn, Wistron, and Pegatron.
The surge in local manufacturing has not only boosted exports but has also helped Apple expand its sales in the Indian market. The company's revenue in India reached Rs 68,000 crore in FY24, a five-fold increase from Rs 13,756 crore in FY20, showcasing the immense growth potential of the Indian consumer market.
Apple's success in India is not just limited to its manufacturing prowess but also extends to job creation. The expansion of the Apple ecosystem in the country has led to the creation of over 150,000 direct jobs since 2021, further solidifying the company's commitment to India's economic development.
As the world navigates the current geopolitical landscape, India's strategic importance for Apple has become even more pronounced. Apple CEO Tim Cook's recent visit to India, during which he met with Prime Minister Narendra Modi and launched the company's first two retail stores in Delhi and Mumbai, underscores the tech giant's unwavering focus on the Indian market.
With a proven track record of growth and a steadfast commitment to the country, Apple's India operations are poised to reach new heights, serving as a shining example of the immense potential that lies within the world's fastest-growing major economy.
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