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Apple is targeting production of nearly ₹1 lakh crore worth of iPhones in India this fiscal ending March 2024, having ramped up capacity at its manufacturing partners and achieved over ₹60,000-crore production in the first seven months, officials aware of the matter said.
Apple is gearing up to cater to the festive demand in the US and the West starting this month, but due to global headwinds, consumption, including that of electronics, is down in the West, officials said. Around 70% of iPhones produced in India are exported. So far, Apple has exported ₹40,000 crore ($5 billion) worth of iPhones in the April to October period this fiscal.
In FY23, iPhone had become the first single brand to cross the $5-billion export mark from India. This year, Apple has registered a 185% year-on-year growth in exports in the first seven months. During April-October last year, it had exported Rs 14,000 crore worth of iPhones.