Apple Made Over Rs 1 Lakh Crore Worth Of iPhones In FY24 Under PLI Scheme: Rajeev Chandrasekhar

In a social media post on X, the Union minister announced that iPhone maker Apple achieved over Rs 1 lakh crore worth of iPhone production within 11 months of FY24 under the PLI scheme.

Union Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar on Friday said that Prime Minister Narendra Modi's forward-thinking Production Linked Incentive (PLI) scheme continues to reach new milestones in production, exports and job creation. In a social media post on X, formerly Twitter, the Union minister announced that iPhone maker Apple achieved over Rs 1 lakh crore worth of iPhone production within 11 months of FY24 under the PLI scheme.

"PM @narendramodi ji's visionary PLI Scheme scaling new heights everyday on production, exports and jobs. Apple crosses over Rs. 1 lakh crores worth of iPhones in 11 months of FY 24, under the PLI Scheme. Massive number of new jobs for the youth in iPhone factories run by Foxconn, Pegatron and Wistron. 2/3rds of the production will be exported from India. Future Electronics factories & startups in #Thiruvanthapuram. #MakeInIndia #ViksitBharat# ModiKiGuarantee #Rajeev4TVM," Chandrasekhar posted on X.

The minister also noted the significant creation of new job opportunities for youth in Apple iPhone factories operated by contract manufacturers Foxconn, Pegatron and Wistron. Additionally, the minister stated that two-thirds of the production will be exported to other countries from India.

Based on industry data, Apple exported iPhones valued at around Rs 65,000 crore to other countries. The India Cellular and Electronics Association (ICEA) reported that mobile phone production, in terms of value, has skyrocketed from Rs 18,900 crore in 2014-15 to an estimated Rs 4.10 lakh crore in FY24, marking a more than 20-fold increase.

Over the past decade, India has collectively manufactured more than 2.45 billion mobile phone units.

In the fiscal year 2014-15, mobile phone exports from India amounted to only Rs 1,556 crore.

Experts suggest that the PLI schemes for Large-Scale Electronics Manufacturing (LSEM) and for IT hardware are propelling India towards becoming a competitive hub for electronics manufacturing.