Apple, based in Cupertino, was responsible for 65%, or around $10 billion, of the nation’s mobile phone exports during the year under review, according to government data. According to the figures, the country’s mobile manufacturing sector has created over 1.2 million employment. The figures given by the commerce ministry further stated that exports of electronic devices surged by about 24% to $29.12 billion in FY24.
iPhones drove an almost 35% increase in India’s mobile phone exports to a record $15 billion in FY24.
According to government data, Cupertino-based companies accounted for 65%, or around $10 billion, of the country’s mobile phone exports during the fiscal year in question, more than double the $5 billion in exports noted the previous year.
The nation’s mobile manufacturing industry produced nearly 1.2 million employment in FY24, creating goods valued at $50 billion, according to the data, according to the economic times.
“We’ve had great success with mobile phone production,” IT Minister Ashwini Vaishnaw told the economic times. According to the minister, the pace of growth and exports is projected to pick up as more multinational corporations begin production in the country.
The export of electronic goods increased by over 24% to $29.12 billion in FY24 from $23.55 billion in the previous fiscal year, according to figures released by the ministry of commerce.
The data appears to align with the US-based smartphone maker’s India aspirations and expansion plans. Given the geopolitical uncertainties, Apple aims to diversify its production base, and its vendors are also expanding production units in India.
Last December, Apple reportedly planned to produce more than 50 million iPhones in India per year. According to media sources, it plans to accomplish this target within the next two to three years.
This was followed by its vendor Foxconn’s investment of an additional INR 13,911 crore in Karnataka, which boosted the tech giant’s plans even more. Karnataka has also authorized 14 projects worth INR 34,115 crore, with the potential to create 13,308 jobs in the state. According to a statement, 10 of these are new projects costing INR 19,452.40 crore, while the remaining four are additional ones with investments worth INR 14,662.59 crore.
Furthermore, Wistron’s iPhone manufacturing business, which was acquired by Tata Group last year, plans to begin production shortly.
