Apple India business value exceeds ₹2 lakh Cr. How did it reach there?
Apple Inc's business in India, including exports, crossed ₹2 lakh crore in fiscal 2024, driven not only by a surge in the local manufacturing and export of iPhones, but also a spurt in domestic sales of its other products including MacBooks, iPads and Watches.
The US-based tech giant has likely exhibited the fastest growth in production and exports by any company in the last 50 years in India, making it the largest global value chain operating here, said officials.
The company exported ₹1.35 lakh crore worth of iPhones, highest by any single brand in FY24 from India, while local sales were ₹68,000 crore. The Economic Survey 2023-24 mentioned Apple five times, underscoring the company's role in India's efforts to become a global smartphone manufacturing hub.
ET takes a look at the factors behind the US giant's growth in India:
Patience and perseverance:
While everyone is talking about Apple's success these days, it has taken years of hard work and preparations to achieve the results. Apple started initial discussions with the government in 2016 when chief executive Tim Cook visited India for the first time. The talks gained pace subsequently and serious consultations happened in 2019 after the then principal secretary to the Prime Minister's Office, Nripendra Misra, formed a committee to finalise an incentive scheme for electronics manufacturing. The committee headed by Amitabh Kant consulted global players including Apple and Samsung as well as Indian firms such as Lava and Dixon.
After over 10 months of
