New Delhi, Aug 13 (IANS) Union Minister for Railways, Electronics and IT and I&B, Ashwini Vaishnaw, on Tuesday said the aim of the production-linked incentive (PLI) scheme is to build scale in domestic manufacturing, as tech giant Apple exceeded its export targets in the first four months of the current fiscal.
The company exported 85 per cent of the freight-on-board production value of its iPhones, worth more than Rs 40,000 crore, in the April-July period.
“Make in Bharat for the World has become a reality,” Minister Vaishnaw posted on X social media platform.
Apple registered about $8 billion revenue in India in the last fiscal year (FY24). Driven by the PLI scheme of the government, Apple’s iPhone market in the country is all set to reach 7 per cent by the end of this year, surpassing $9 billion in revenue.
The tech giant achieved record export numbers around $3.8 billion in the April-June period (Q2 FY25) in the country.
According to industry experts, the long-term growth outlook remains positive with Apple being well-positioned to capitalise on India’s growth trajectory over the next decade. In 2023, Apple achieved a milestone of 10 million shipments in one full year.
According to Apple CEO Tim Cook, the company set a quarterly revenue record in India in the June quarter. “And we set an all-time revenue record in services, which grew 14 per cent,” Cook told analysts during the company’s quarterly results.
According to industry estimates, iPhone shipments are projected to increase by over 20 per cent this year on the back of domestic manufacturing support and strong distribution.
Meanwhile, the tech giant is set to make its ‘Make in India’ iPhone 16 Pro and 16 Pro Max models available in the country right after the global launch this fall. iPhone 16 is set to be made available on the first day of global sales in India, just like last year when iPhone 15 arrived in the domestic market on the very first day of the global sale. It will be shortly followed by iPhone 16 Plus models.
The company is attracting many first-time users for its newly-launched iPhones in India.
–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.
