When a company with a market capitalisation of $4 trillion becomes India’s largest electronics exporter, it is time to take notice. Few companies command the kind of economic and political influence that Apple does.
That clout was evident when the President of the United States, Donald Trump, weighed in on the decision of Chief Executive Officer Tim Cook to step down. Yet, as the transition plays out in Cupertino, another story is unfolding in Sriperumbudur, Devanahalli and Sri City—Apple’s smartphone exports from the country touched $23 billion in 2025, a milestone in India’s manufacturing ambitions.
For years, India has asked whether it can become a manufacturing powerhouse. Recent global turmoil and India’s import dependence across sectors have made that question even more important.
As Shelley Singh writes in the cover story of this issue, Apple may well be creating a Maruti Suzuki-like moment for India’s electronics sector as the company and its global supply chain begin to transform India’s electronics manufacturing landscape. Why? In 2025, the company churned out around 55 million iPhones in India, accounting for 14% of its global production here, its only production site outside China.
India’s smartphone exports were almost non-existent in 2014 when Prime Minister Narendra Modi announced the ‘Make in India’ initiative. The policy push appears to be finally delivering results. The handset export boom led by Apple is even more striking because it has happened despite political resistance in the US. Trump has publicly opposed Apple shifting production to India and repeatedly urged the company to manufacture in the US instead. However, much of this is still assembly. The future will depend on how far manufacturers like Apple and Samsung move beyond assembly and increase domestic value addition.
Elsewhere in this issue, Neetu Chandra Sharma writes about the road to recovery at Lupin. After a rough patch, India’s sixth-largest pharma company made a strong comeback. The company’s leadership, the brother-sister duo of Nilesh and Vinita Gupta, say businesses cannot operate with an outdated model. They must refresh themselves and build new capabilities, as no business model can last forever.
Meanwhile, our Business Confidence Survey, which captures the mood of India Inc., has been revamped. It now looks ahead and assesses the confidence and plans of businesses in the coming quarter. While the aim and design of the survey remain largely the same, the index now better captures the mood of India Inc. in an era of unprecedented change and volatility. As Surabhi explains, the war in West Asia has created fresh challenges for the economy. India Inc. is worried and many companies are evaluating the impact of the disruption on their investment decisions and business strategy for the year ahead.
The handset boom offers hope, but companies and policy-makers must now aim higher and focus on expanding the domestic supply chain and deepen electronics manufacturing in the country.
