The manufacturing of Apple iPhones in India is expected to increase to 25 per cent, Union Minister for Commerce and Industry, Textiles and Consumer Affairs, Piyush Goyal said on Tuesday, according to news agency ANI.
Currently, seven per cent of iPhones are assembled in India, which is expected to grow further.
“India’s exports were about $500 billion in 2020-21 which increased to $776 billion in 2022-23. A target has been set to take India’s exports to $2 trillion by 2030… 7% of Apple’s production is happening in India today, which is expected to increase to 25%,” Piyush Goyal was quoted as saying by ANI.
This development comes days after Bank of America (BoFA) said in a report that Apple may shift over 18 per cent of its global production of iPhones to India by 2024-25 (FY25) on the back of the government’s production-linked incentive (PLI) scheme for mobile phones.
India’s share in global iPhone production in FY23 stood at 7 per cent. It was negligible before the PLI scheme was notified first on October 6, 2020. In the same year, the central government approved Foxconn Hon Hai, Wistron, and Pegatron, all of which are Apple’s contract manufacturers in India.
Comments are closed.