PLI plan: Apple to manufacture iPhones worth Rs 47,000 crore in India this year

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Apple’s contract makers – Pegatron, Wistron and Foxconn – are expected to manufacture iPhones worth Rs 47,000 crore in India in FY 2022 – 2023. Of this figure, Wistron is expected to manufacture iPhones worth Rs 27,000 crore, while Pegatron and Foxconn are expected to. manufactures iPhones worth Rs 12,000 crore and Rs 8,000 crore respectively.
According to a report in The Economic Times, this figure is almost five times higher than the Rs 10,000 crore created by the three companies in the financial year 2021 – 2022. This is also twice the minimum requirement that the three companies are required to achieve. Benefits in the second year under the Production Linked Incentive (PLI) scheme of the government. The three manufacturers together had to manufacture iPhones worth Rs 8,000 crore to qualify for the benefits in the second year of the plan.

Furthermore, the report quoted analysts as saying that the company expects to ship around seven million iPhone units this year, which translates into 5.5 per cent market share. This growth is the result of more affordable financing schemes and higher local production, among other things.

Interestingly, Apple has a market share of just 1.5 per cent in India and over 60 per cent of iPhones produced in India will be used for export to other markets across the world, the publication wrote.

Apple began manufacturing iPhones in India in 2017 with the iPhone SE. Over the years, it has added iPhone 11 and iPhone 12 series smartphones to the list. More recently, the company started manufacturing the iPhone 13 series of smartphones in the country.

An earlier report said that two of the company’s three vendors – Foxconn and Wistron – manufactured iPhones in the financial year 2021 – 2022 at a combined price of Rs 8,000 crore. Due to this, both the companies are eligible to receive six per cent of the PLI. Government under the scheme. However, both the companies have already exported iPhones worth Rs 10,000 crore in the last financial year 2021- 2022. This figure is required for both the companies to be eligible for the PLI scheme in the first year.

Plan after PLI: Apple to be the first to manufacture Rs 47,000 crore iPhone in India this year appeared on BGR India.

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