According to reports, Apple’s iPhone production in India has tripled to $7 billion in the fiscal year 2022-23, from $2.5 billion in the previous fiscal year. This is a significant increase and indicates a growing interest by Apple to invest in the Indian market. The increase in production is attributed to the company’s push to reduce its dependence on China and diversify its supply chain. Additionally, the Indian government’s PLI (Production-Linked Incentive) scheme has also played a significant role in attracting Apple to increase its production in the country. The scheme offers incentives to companies that manufacture in India, and Apple has been one of the major beneficiaries of this scheme. This growth in iPhone production in India is also expected to create more job opportunities in the country.
In recent years, the Indian government has implemented several policies to promote local manufacturing and reduce reliance on imports. As a result, companies like Apple have been incentivized to shift their manufacturing operations to India. According to the report, Apple’s contract manufacturers in India include Foxconn, Wistron, and Pegatron, which produce various iPhone models for both the Indian market and for export to other countries. Apple’s increased production in India not only benefits the company’s bottom line but also creates job opportunities in the country and contributes to its economic growth.