Within 7 Months Of FY24, Smartphone Exports Reach $8 bn – News18

The mobile exports in India in the first seven months of the current fiscal year (April to October) crossed $8 billion, mainly driven by iPhone exports. Apple Inc registered iPhones exports worth more than $5 billion from India during this period, marking a 177% increase compared to the same months last year. The Minister of Railways, Ashwini Vaishnaw tweeted about the $8 billion of mobile exports in the first 7 months, reflecting a 60% annual growth rate and registering an average run rate of more than $1 billion.

Earlier, during the same period in FY23, the company sold iPhones worth $1.8 billion via its three vendors in India. In addition, the smartphone exports in India saw an increase of about 61% compared to the last year’s reported figure of $4.97 billion. Promoting the Make In India movement, Ashwini Vaishnaw took to X and wrote, “Mobile exports reach $8bn within 7 months of current fiscal. Growth 60% higher than $ 4.97 bn for same 7 month period last year. Avg of $ 1bn + plus mobile phone exports per month.”

India’s smartphone exports have experienced a significant surge and are expected to surpass the FY24 figure of $11.1 billion by the end of FY24. In the initial seven months of the current fiscal year, the India smartphone exports have already reached 72% of the previous year’s total.

A Business Standard report states that Apple exported iPhones worth $5 billion from India in the first seven months of FY24, that is, from April to October this year. With Apple expanding production under the Production-Linked Incentive (PLI) scheme, the iPhone’s share in total smartphone exports from the country has significantly increased. The iPhone is now responsible for 62.5% of India’s total smartphone exports.

Apple began to add to the enormous numbers of India’s smartphone exports after they came up with a PLI worth Rs 38,645 crore (which is approximately $4.66 billion) for mobile devices. For instance, in Tamil Nadu, Foxconn and Pegatron are among the biggest Taiwanese companies that produce iPhones 11, 12, 13, and 14 along with the latest iPhone 15 models.

In addition, Tata electronics recently entered the scene as the first Indian company to collaborate with Apple on iPhone production. Furthermore, by acquiring Wistron for $125 million, Tata Electronics aims to secure a 100% equity stake in Wistron’s assembly lines located in Karnataka.