Apple plans to scale up production by 5 times in India to $40 billion in next 5 years: Report
PTI citing government sources. According to the report, the firm has crossed the $7 billion production mark in the last financial year. "Apple has plans to increase production in India to over $40 billion in the next 4-5 years.
It has crossed $7 billion in the last fiscal," the official said. Mint could not verify the report independently. Exciting news! Mint is now on WhatsApp Channels :rocket: Subscribe today by clicking the link and stay updated with the latest financial insights! Click here Apple manufactures iPhones in India and has plans to start manufacturing Airpods from next year.
However the officer said that the firm has no immediate plans to make iPads or its laptops in India. ALSO READ: Apple surpasses Samsung to become largest smartphone exporter from India by volume: Report "They don't have any plans to participate in IT hardware PLI. They may come at a later stage but as of now their focus is to scale up existing production levels," the officer said.
In the financial year ended on 25 September 2022, Apple company globally sold iPhones worth $191 billion and products worth $38.36 billion in the wearable, home, and accessories segment. Apple recorded about a 4 percent dip in iPhone sales at $156.77 billion in the first nine months of the current fiscal and a slight decline in the wearable, home, and accessories segment at $30.52 billion. The firm has even become the largest exporter of mobile phones from India.
Industry sources claimed the sales of Apple's iPhone 15 series registered a 100 percent growth compared to that of the iPhone 14 series on the launch day on Friday. Apple has launched four models in the iPhone 15 series. Two variants -- iPhone 15 and iPhone 15 Plus -- are also being made in India.
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