Apple iPhone Production in India Reaches USD 10 Billion in April-October 2024, Tech Giant Creates 1.75 Lakh Direct Jobs in 4 Years: IT Minister Ashwini Vaishnaw
Apple's iPhone production in India hit $10 billion between April and October 2024, creating 1.75 lakh direct jobs over four years, says IT Minister Ashwini Vaishnaw.
New Delhi, November 25: Riding on the government's production-linked incentive (PLI) scheme, Apple’s iPhone production in the country has reached $10 billion in the seven months of this fiscal (FY25), with $7 billion in exports alone which is a record, the Centre said on Monday. The tech giant manufactured/assembled $14 billion of iPhones in India last fiscal (FY24), with exporting more than $10 billion worth of iPhones.
In a post on X, Union Electronics and IT Minister Ashwini Vaishnaw said that this is yet another milestone for the smartphone PLI scheme in 7 months. "$10 billion iPhone production by Apple with $7 billion exports. Total smartphone exports from Bharat crossed $10.6 billion in 7 months," the minister informed. Minister Vaishnaw further stated that the Apple ecosystem created 1,75,000 new direct jobs in four years with "over 72 per cent women". Apple Antitrust Case India: Tech Giant Accused of Exploiting Dominant Position for App Stores on Its iOS, Denied Request To Hold Investigation by CCI.
The Cupertino (California)-based tech giant touched Rs 60,000 crore (around $7 billion) in iPhone exports from India in the first seven months of the current fiscal (FY25). In the April-October period, the company exported iPhones at almost Rs 8,450 crore (nearly $1 billion) each month, as per industry data. In the July-September period, Apple clocked an all-time revenue record in India. iOS 19 Likely To Include ChatGPT-Like Siri; Know What To Expect.
“We continue to be excited by the enthusiasm we're seeing in India, where we set an all-time revenue record. This has been an extraordinary year of innovation at Apple," said company CEO Tim Cook. Amid the growing demand for its iPhones in aspirational Bharat, Apple clocked a 36 per cent increase in its operating revenue in India, surpassing Rs 66,700 crore (about $8 billion) in FY24. The tech giant also posted Rs 2,746 crore ($330 million) in profit last fiscal. The company’s profit increased by 23 per cent in FY24 against Rs 2,229.6 crore ($268 million) in FY23.
(The above story first appeared on LatestLY on Nov 25, 2024 02:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).