New Delhi, Sep 9 (IANS) Buoyed by the ‘Make in India’ initiative and the production-linked incentive (PLI) scheme, iPhone production in India has gone up from less than 1 per cent in 2017 to 10 per cent in 2023 and plans are to scale it up to 25 per cent of global shipments by 2025, according to global investment firm Jefferies.
With the introduction of the mobile PLI scheme, alongside with global supply chain diversification, are driving the surge in Apple’s local manufacturing in India, the latest report mentioned.
The tech giant was prepared for launching latest iPhone 16 Pro and Pro Max models in the country post the global debut on Monday. The company is set to make its ‘Make in India’ iPhone 16 Pro and 16 Pro Max models available in the country right after the launch.
Apple aims to manufacture more than 50 million iPhones in India per year, as it aims to shift some of the production out from China. The iPhone exports from India surged sharply to $12.1 billion in 2023-24 from $6.27 billion in 2022-23. Overall, the company’s India operations reached 23.5 billion dollars in value in the last fiscal (FY24).
According to Jefferies, electronics export trend from India is rising rapidly but still has room to grow from value addition perspective.
Also, the electronics imports are still much more than double of electronics exports indicating much more potential for in-sourcing,” the report added.
To promote manufacturing in other sectors, the government is providing PLI across 14 sectors worth Rs 2 lakh crore and an additional Rs 70,000 crore to boost the semiconductor and display manufacturing ecosystem, according to the report.
According to industry experts, Apple is slated to build on its solid growth momentum in India with the upcoming Apple iPhone 16 series, driven primarily by increased ‘Make in India’ manufacturing, and backed by aggressive marketing.
Driven by Apple’s aspirational appeal, consumers are increasingly prioritising the newest generation of iPhones, bucking the historical trend of purchasing old generation iPhones.
“At CyberMedia Research, our insights point to the new iPhones potentially growing 30 per cent in comparison to the previous iPhone 15 generation in the launch quarter,” said According to Prabhu Ram, VP-Industry Research Group, CMR.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
