 "Exports of Made in India iPhones rise 4 times in FY23, tops $5 bn: Report")
Underlining the speed at which Apple Inc is scaling up its manufacturing in the country, exports of Made in India iPhones jumped about four times to top $5 billion in 2022-23 (FY23) as compared to FY22, The Economic Times (ET) reported on Wednesday. iPhone also became the first brand to cross the $5 billion export mark in India.
Owing to this, India's overall smartphone exports crossed $10 billion for the first time ever in FY23. Samsung accounts for $3.5-4 billion, the report added.
Apple is working to make India one of its key manufacturing hubs. Recently, the company announced that it would open its first retail store in the country in Mumbai on April 18. The second company-owned store will be opened in New Delhi on April 20.
Currently, China is the largest maker of iPhones in the world, and India follows it in the second spot. India accounts for 5 per cent of the total iPhones made in the world. But it is a significant jump from 2020 when it accounted for less than 1 per cent.
Three contract manufacturers - Foxconn, Wistron and Pegatron - manufacture iPhones in India at their plants in Tamil Nadu and Karnataka.
On Tuesday, Bloomberg reported that Tim Cook, Apple's chief executive officer (CEO), will visit India to open the stores. The trip comes seven years after Cook's maiden visit in 2016.
Cook is set to open Apple’s first India store inside an upscale mall in Mumbai’s Bandra Kurla Complex, or BKC as the neighbourhood is called. A few days after that, he is set to unlock the doors of the New Delhi store, in a high-end mall in the Saket neighbourhood. That store’s barricades were lifted on Tuesday.
In between the two store inaugurals, Apple has also sought a meeting for Cook with Prime Minister Narendra Modi.