According to a new PTI report based on government sources, Apple is expected to significantly increase its manufacturing operations in India fivefold over the next half-decade to around $40 billion, equivalent to Rs 3.32 lakh crore.
A source within the government, who spoke on condition of anonymity, revealed that Apple had already passed the $7 billion production milestone in the previous fiscal year.
“In the next 4-5 years, Apple plans to increase production in India to USD 40 billion. It crossed USD 7 billion in the last financial year,” the source told PTI.
For those unfamiliar, Apple already manufactures iPhones in India, and this year, customers received “assembled in India” iPhones on the September 22 launch day. This marks a significant improvement over last year when the iPhone 14 units made in India took a price. months to reach store shelves and customers’ hands.
Additionally, Apple has opened two official stores in India, Apple BKC in Mumbai, Maharashtra and Apple Saket in New Delhi. Both stores “exceeded expectations” and both are performing well, according to Apple.
Moreover, Apple CEO Tim Cook emphasized the importance of India as one of the most important markets for the Cupertino-based tech giant. Last year, Cook described the Indian market as “incredibly exciting” and a “major focus” for the company.
With that said, a PTI source also revealed that Apple “may not have plans to participate in the IT Hardware PLI (for now), but they may at a later stage but for now their focus is on increasing existing production levels.”
Apple also released its third-quarter results last month, with Apple CFO Luca Maestri saying the company “set an all-time revenue record for iPhone in India” and “June quarter record and double-digit revenue growth for iPhone in India with very strong performance.”
Given these developments, it is not surprising that government sources are closely monitoring Apple’s expansion plans in India as the company seeks to reduce its reliance on China and capitalize on the promising Indian market.
