Rs 1 Lakh Crore Worth Of iPhones Locally Manufactured In India Last Year: Report
It should be noted that the iPhone maker has surpassed the production targets outlined in the government's production-linked incentive (PLI) scheme.
With India increasing its focus on domestic manufacturing, industry data on Tuesday revealed that Apple assembled iPhones valued at more than Rs 1 lakh crore in the country in 2023. As per a report by Economic Times, the true market value of iPhones manufactured in India may vary significantly, influenced by taxes in different countries.
It should be noted that the iPhone maker has surpassed the production targets outlined in the government's production-linked incentive (PLI) scheme, potentially enabling additional residual incentives for the company's contract manufacturers, contingent on the overall output, officials stated, the report added.
Apple is giving a boost to its India manufacturing plans and reducing production dependency on China.
Meanwhile, the southern Indian state of Tamil Nadu has just announced investment agreements exceeding $4.39 billion with companies like Tata Electronics and Pegatron, which are key suppliers for tech giant Apple.
The state has also signed investment deals with automotive giant Hyundai Motors. This move underscores Apple's strategic focus on India for future growth, aiming to diversify production beyond China, says a report by news agnecy Reuters. Pegatron is actively working on establishing a second factory in the country,
India's biggest conglomerate, Tata Group is mulling to construct one of the largest iPhone assembly plants in the country, aligning with Cupertino, California-based Apple's goal to boost manufacturing in the South Asian nation. The proposed manufacturing unit is likely to be situated in Hosur, in Tamil Nadu, says a recent report by news agency Bloomberg.
The aim is to make the facility operational within 12 to 18 months, featuring approximately 20 assembly lines and a have workforce of 50,000 within two years, the report added.
The proposed plant is poised to strengthen Cupertino, California-headquartered Apple's efforts to localise its supply chain and deepen collaboration with Tata and reduce dependency on China. Currently, the Indian conglomerate manages an iPhone manufacturing unit acquired from Wistron Corp. in the southern Indian state of Karnataka.
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