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March 22, 2024

Apple Achieves Rs 1 Trillion Milestone in iPhone Production, Outpacing PLI Goals

In a remarkable feat, Apple Inc. has marked a significant milestone in its Indian venture, surpassing the Rs 1 trillion benchmark in iPhone production value within the first 11 months of the fiscal year 2023-24 (FY24). This achievement comes three years after the tech giant’s entry into the Indian market, underscoring its rapid growth trajectory in the region.

Through its three contract manufacturers, Apple has propelled its production capabilities to unprecedented heights, positioning itself as a formidable player in the Indian smartphone landscape. The Cupertino-based company’s success in surpassing the Rs 1 trillion mark in free-on-board (FOB) value demonstrates its commitment to leveraging India’s potential as a manufacturing hub.

The accomplishment not only underscores Apple’s manufacturing prowess but also signifies a significant milestone in the implementation of the production-linked incentive (PLI) scheme. By exceeding its target well ahead of schedule, Apple has showcased its efficiency in navigating regulatory frameworks and capitalizing on incentives to drive growth.

The PLI scheme, designed to boost domestic manufacturing and incentivize production, has played a pivotal role in Apple’s success story in India. Surpassing the Rs 1 trillion milestone ahead of schedule exemplifies the effectiveness of such initiatives in attracting investment and fostering a conducive business environment.

Apple’s accelerated pace of production reflects its unwavering commitment to the Indian market and signals a positive trajectory for its future endeavors in the region. By leveraging its global expertise and harnessing local resources, Apple has positioned itself as a key contributor to India’s burgeoning smartphone ecosystem.

Furthermore, Apple’s achievement serves as a testament to the resilience and adaptability of its supply chain amid global disruptions. Despite facing challenges posed by the ongoing pandemic and supply chain constraints, the company has demonstrated resilience in meeting burgeoning demand and sustaining its growth momentum.

The significance of Apple’s milestone extends beyond mere numbers, highlighting the transformative impact of technology on India’s economic landscape. As the country emerges as a hub for technological innovation and manufacturing excellence, Apple’s success story exemplifies the immense potential that exists within India’s vibrant ecosystem.

Looking ahead, Apple’s continued investment in India underscores its long-term commitment to the market and its vision of fostering innovation-led growth. By capitalizing on emerging opportunities and nurturing strategic partnerships, Apple is poised to further consolidate its position as a leading player in India’s digital revolution.

In conclusion, Apple’s achievement of surpassing the Rs 1 trillion milestone in iPhone production value in FY24 represents a significant landmark in its Indian journey. Through strategic investments, innovative approaches, and a steadfast commitment to excellence, Apple has emerged as a trailblazer in India’s burgeoning smartphone industry, setting new benchmarks for growth and innovation.

Jhumpa Lahiri

Jhumpa Lahiri

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