Riding on the back of the Production-linked Incentive (PLI) scheme, tech giant Apple Inc. has clocked exports worth Rs 10,000 crore from India in FY 21-22. It is noteworthy that this mark has been achieved by the multinational technology company within the first year of starting production in India under the production-linked incentive scheme, which manifests the nation’s potential as a manufacturing hub.
Interestingly, during the financial year 2021-22, Apple was able to meet 75-80% of its total demand in India through domestic production. A year back, the company was able to meet only 10-15% of the domestic demand through production in India. Further in the next fiscal Apple will be able to meet an even higher percentage of domestic demand through its domestic output.
Lauding this milestone, Union Minister Rajeev Chandrashekhar asserted, “This is a very important milestone in India’s evaluation as a global hub for an electronics global value chain. Just a few years ago, PM Modi announced the PLI scheme, and then he announced Atmanirbhar economic thinking for the country.”
It is quite amazing to see a global brand like Apple in just 1-year exports 10,000 crore iPhones from India. It is a very proud thing that products that are being made in India are also now exported and consumed by consumers all over the world, he added.
Apple’s two major manufacturers in India
Presently, Apple phones are produced by its contract manufacturers in India, and the landmark Rs 10,000 crore mark has been achieved by two of its contract manufacturers, who have been selected under the PLI scheme — Wistron and Foxconn.
The iPhone models which India exported include SE 2020, which is made by Wistron, followed by iPhone 11 and iPhone 12 which are being made by Foxconn. Further, Foxconn is expected to soon start manufacturing iPhone 13 in India.
It is important to note that the total outlay for smartphone PLI over 5 years is Rs 40,951 crore and the incentive ranges between 4-6% annually. To achieve this, companies have to meet incremental sales and production targets to qualify for the incentive.
Apple supports 1 million jobs in India
US tech major Apple supports 1 million jobs in the country directly and indirectly and will invest significantly to develop its operations and engage with more local supplies said Vice President of Product Operations, Apple, Priya Balasubramaniam V at Bengaluru Tech Summit.
The Vice President was speaking on the Day 2 of the Bengaluru Tech Summit in November last year. She said, “Today, Apple supports around 1 million jobs in India, from our own employees to the fast-growing iOS app economy to our work with supplier partners.”
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