Apple Inc’s three vendors in India have assembled iPhones whose free on board (FOB) value hit $7 billion (Rs 60,000 crore) for FY23, including both for exports and domestically. The data is based on details provided by the vendors — Foxconn, Wistron and Pegatron — to the government.
According to estimates by experts, in the second year of the production-linked investment (PIL) scheme for mobile devices, India will account for around 7 per cent of all iPhones assembled in the world. Its commitment, based on PLI targets, is to shift 12-18 per cent of the global production volume to India by the end of the scheme. In FY22 (which was for a period of eight months), the Apple vendors (Pegatron had not started assembly yet) had assembled iPhones worth around Rs 16,500 crore, nearly a fourth of what they have achieved this financial year.
According to the Indian Cellular and Electronics Association, Apple has hit exports of Rs 41,000
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