Apple iPhone exports reach a record Rs 10,000 crore in India: Report
Indian officials are hopeful that Apple's increasing involvement in India can serve as a model to convince other US companies, including Tesla
- Jun 19, 2023,
- Updated Jun 19, 2023 2:24 PM IST
India witnessed a significant milestone in May as iPhone exports reached a record ₹10,000 crore, driving the total smartphone shipments from the country to ₹12,000 crore.
In the first two months of the current fiscal year (April and May), smartphone exports surpassed ₹20,000 crore, more than double the ₹9,066 crore recorded in the same period last year, as reported by the India Cellular and Electronics Association, cited by The Economic Times. Apple played an important part in the expansion.
According to the report, Indian officials are hopeful that Apple's increasing involvement in India can serve as a model to convince other US companies, including Tesla, to move their supply chains to the country.
The majority share of smartphone exports from India, accounting for 80 per cent, consists of iPhones, with Samsung phones from South Korea and some local brands making up the remainder.
Also read: Apple India employee resigns alleging workplace misconduct, Islamophobia and lack of support
Prime Minister Narendra Modi's upcoming visit to the US from June 21 to 24 is expected to boost partnerships with other US brands. The government will try to convince the companies to shift their supply chains to India with attention to semiconductors, electric vehicles, and other segments.
On the other hand, US-China relations are also looking at a revival as US Secretary of State Antony Blinken is visiting China. The US official met Chinese Foreign Minister Qin Gang and also plans to meet Chinese President Xi Jinping
However, Apple has been gradually diversifying its supply chains away from China. India is one of the primary options that the Cupertino giant is considering. Geopolitical tensions between the US and China, along with India's smartphone production-linked incentive (PLI) scheme, have influenced Apple's shift in focus towards India.
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India witnessed a significant milestone in May as iPhone exports reached a record ₹10,000 crore, driving the total smartphone shipments from the country to ₹12,000 crore.
In the first two months of the current fiscal year (April and May), smartphone exports surpassed ₹20,000 crore, more than double the ₹9,066 crore recorded in the same period last year, as reported by the India Cellular and Electronics Association, cited by The Economic Times. Apple played an important part in the expansion.
According to the report, Indian officials are hopeful that Apple's increasing involvement in India can serve as a model to convince other US companies, including Tesla, to move their supply chains to the country.
The majority share of smartphone exports from India, accounting for 80 per cent, consists of iPhones, with Samsung phones from South Korea and some local brands making up the remainder.
Also read: Apple India employee resigns alleging workplace misconduct, Islamophobia and lack of support
Prime Minister Narendra Modi's upcoming visit to the US from June 21 to 24 is expected to boost partnerships with other US brands. The government will try to convince the companies to shift their supply chains to India with attention to semiconductors, electric vehicles, and other segments.
On the other hand, US-China relations are also looking at a revival as US Secretary of State Antony Blinken is visiting China. The US official met Chinese Foreign Minister Qin Gang and also plans to meet Chinese President Xi Jinping
However, Apple has been gradually diversifying its supply chains away from China. India is one of the primary options that the Cupertino giant is considering. Geopolitical tensions between the US and China, along with India's smartphone production-linked incentive (PLI) scheme, have influenced Apple's shift in focus towards India.
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine