Apple Inc aims to assemble 32 percent of the global iPhone production volume in India by 2026-27, a year after the five-year production-linked incentive (PLI) scheme for mobile devices, Business Standard reported.
This could translate into production value of over $34 billion, assuming global iPhone sales remain consistent with the 2023-24 (FY24) levels.
Discussions were held between Apple and its vendors and central and state governments, regarding the assembly of the devices in India, the report added.
Moneycontrol couldn't independently verify the report.
For the first half of FY25, Apple’s vendors estimate a freight-on-board (FOB) production value of $9 billion, the report stated, adding that by the end of the financial year, it is projected that India will account for 17-18 percent of global iPhone production volume and 14 percent in terms of value.
A query to an Apple Inc spokesperson by the publication did not receive a response.
Also Read | Thanks to Trump, iPhone production in India likely to double to $30 bn: Report
Apple assembled $14 billion of iPhones in India in the fiscal year through March 2024, doubling production and accelerating its drive to diversify beyond China. Out of that, it exported roughly $10 billion worth of iPhones.
Apple is expanding its manufacturing network in India at a rapid clip, taking advantage of local subsidies, a skilled workforce and advances in the country’s technological capabilities. India is a crucial part of the company’s effort to lessen its reliance on China, where risks have grown along with Beijing’s tensions with the US.
Also Read | MC Exclusive: Apple to make iPhone 16 Pro and Pro Max models in India this year
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