iPhone exports from India at record Rs. 20000 crore

In a major upsurge, Apple has breached exports from India valued at Rs. 20,000 crore of iPhones in just the first quarter of FY24, which accounts for half of what it had achieved in the full financial year of FY23. The Q1 numbers represent a staggering 400 per cent growth in iPhone exports over the last financial year in the same quarter when it exported only Rs. 4,950 crore. Under the production linked incentive (PLI) scheme, its three vendors — Foxconn Hon Hai, Wistron and Pegatron — have committed exports of Rs. 61,000 crore in FY24 in the third year of the scheme.

The good news is that one-third of this export commitment to the government for this financial year (FY24) has already been met by Apple’s vendors in the first quarter and all it has to do is finish the rest in the remaining three quarters. Analysts say, based on Apple’s aggressive export performance, that exports could well exceed the company’s commitment under the PLI scheme.