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Out of the total smartphone exports of Rs 12,000 crore in May, Indian outward shipments of iPhones stood at Rs 10,000 crore, a report by The Economic Times (ET) stated, citing data from the India Cellular and Electronics Association (ICEA).
In 2022-23 (FY23), India exported iPhones worth $5 billion. It was the first brand to achieve this milestone in India. But in the first two months of FY24 alone, the iPhone exports from India stand at over Rs 20,000 crore ($2.4 billion). In the same period last year, India exported Apple phones worth Rs 9,066 crore.
According to the report, Apple accounts for 80 per cent of all smartphone exports from India. The rest 20 per cent is shared by Samsung and some other brands.
May's figures align with Apple's strategy of diversifying its supply chain and shifting away from China. The Cupertino-based tech giant is also looking to make AirPods in India.
According to a report by Bank of America, released last week, on the back of the Centre's production-linked incentive (PLI) scheme, Apple may shift 18 per cent of its global production of iPhones in India by FY25. In FY23, this share stood at 7 per cent.
The report's findings showed that within two years of the Rs 38,000 crore PLI scheme for mobile phones, passed in 2020, iPhone exports from India have risen to Rs 40,000 crore in FY23. It was Rs 11,000 crore in FY22. This is expected to accelerate further as it has already reached a run-rate of $1 bn of monthly exports since February this year.
The ET report also said this might convince other US companies, including Tesla, to shift their supply chains to India.
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In his visit to the United States of America (USA) between June 21 and 24, Prime Minister Narendra Modi and the Indian delegation are expected to highlight Apple's success story. They will also ask more global companies to set up their bases here.
They will also focus on companies in sectors like semiconductors, electric vehicles and critical emerging technologies to manufacture here.
