The contract manufacturers of Apple are expecting to make iPhones worth Rs 47,000 crore this fiscal in India, as the second year of production linked incentive (PLI) scheme for smartphones enters its second year in April, The Economic Times reported citing sources. In FY2022, India witnessed iPhone production worth Rs 10,000 crore by Taiwan-based Foxconn and Wistron.
The PLI scheme, which was launched in 2020, requires the three manufacturing companies—Foxconn, Wistron and Pegatron to manufacture iPhones worth Rs 8,000 crore every year.
According to the report, iPhone shipments are expected to clock around 7 million this year, which will give Apple its highest ever market share of 5.5 per cent. Notably, India, which is likely to be a budding manufacturing hub after China and Vietnam, constitutes less that 1.5 per cent of Apple’s global sales., The primary goal of the scheme is to export over 60 per cent of Indian manufactured iPhones.