Production of Apple’s iPhones in India is said to cross the Rs 25,000 crore mark in the financial year 2023, starting April 1, 2022, under the government’s Production Linked Incentive (PLI) scheme. According to a report in Business Standard, this is a three-fold jump. The minimum incremental production will be due to Pegatron, one of Apple’s vendors, which has promised to make iPhones worth a minimum of Rs 7,258 crore in the country.
Pegatron, which is one of three vendors to make iPhones for Apple apart from Foxconn and Wistron, will manufacture iPhones worth Rs 7,258 crore in its first year, the report said. But she will be eligible to get benefits under the PLI scheme only if she manufactures goods worth Rs 8,000 crore.
Initially Pegatron will make the iPhone 12 smartphone in India. After this the number of iPhone 13 series will come. These devices will be produced at a manufacturing facility in Tamil Nadu, where the company is expected to employ around 6,000 people.
Notably, Apple’s other two vendors Foxconn and Wistron have already manufactured the devices at a combined cost of Rs 8,000 crore in the fiscal year 2022, starting August 1, 2021. As a result, both the companies are now planning to claim six per cent. PLI from Govt which is guaranteed under the scheme. However, quoting market estimates, the report said that both the companies have already exported iPhones worth Rs 10,000 crore in the financial year 2022. This figure is expected to be much higher with the value of the equipment of the two companies produced for the domestic market. , This is more than the figure required by both the companies to be eligible for the PLI scheme.
In addition, Foxconn and Wistron have committed to manufacture goods worth Rs 3,000 crore in India at the end of the second year, which is more than the Rs 1,250 requirement required under the scheme. The report said that in FY2023, the three companies together have the potential to make goods worth Rs 35,000 crore to Rs 40,000 crore.
After Apple to produce iPhones worth Rs 25,000 crore under PLI scheme in India: Report first appeared on BGR India.