💰 The Record: $10 Billion iPhone Exports
India achieved a major milestone by having its iPhone exports cross the $10 billion mark in the financial year 2023-24 (FY24) and again in a shorter period of time.
- Recent Performance: In a dramatic ramp-up, iPhone exports reached approximately $10 billion in the first six months (April-September) of the current fiscal year (FY26), marking a 75% growth compared to the same period in the previous year.
- Valuation: This figure represents the Freight-on-Board (FOB) value, which is the factory gate value used for calculating government incentives. The estimated market or retail value of this production would be 50-60% higher.
🏭 Key Companies and Factories
The bulk of the iPhone production and exports is driven by Apple’s three main contract manufacturers operating in India, all of whom are beneficiaries of the PLI scheme:
- Foxconn Technology Group: The largest contributor, with facilities including a new unit in Bengaluru that began operating in April 2025.
- Tata Electronics: Following its acquisition of the Wistron plant, Tata is now a major player. Its Hosur plant is also a key part of the expanded capacity.
- Pegatron Corp.: The third Taiwanese contract manufacturer for Apple in the country.
📈 Main Drivers of the Growth
The surge in exports is attributed to a combination of government policy and global supply chain strategy:
- Production-Linked Incentive (PLI) Scheme: This Indian government scheme offers financial incentives to companies based on incremental production, successfully attracting global electronics manufacturers like Apple’s partners to set up and expand large-scale facilities.
- China+1 Strategy: Amid rising geopolitical tensions and supply chain risks in China, Apple is actively pursuing a supply chain diversification strategy. India is being positioned as a key global manufacturing and export hub to reduce the company’s long-standing reliance on China.
- Increased Capacity: The growth is primarily fueled by the substantial ramp-up in manufacturing capacity, notably the addition of new factories like the ones operated by Tata Electronics and Foxconn.
