Apple Inc. plans to ramp up its production capacity in India by over five times to a measure of $40 billion, which is about Rs 3.32 lakh crore. This is to be done in the next 4-5 years.
"Apple has plans to increase production in India to over USD 40 billion in the next 4-5 years. It has crossed USD 7 billion in the last fiscal," an official who spoke to PTI, said.
Apple already manufactures its iPhone in India. Its iPhone 15 was also assembled in the country's manufacturing plants. Apple intends to start manufacturing Airpods from the year 2024. However, the company has no plans to make its iPads or Mac laptops in India in the near future.
"They don't have any plans to participate in IT hardware PLI. They may come at a later stage but as of now their focus is to scale up existing production levels," the official said.
Apple recently launched an array of products in its “Wonderlust” event. The American tech firm introduced four new variants of the iPhone 15 series. It also launched the Apple Watch Series 9 and the latest AirPods.
In the fiscal year that concluded on September 25, 2022, Apple sold iPhones for $191 billion as well as items worth $38.36 billion in the wearable, home, and accessories segments. The company approximately had a 4% reduction in iPhone sales in the first nine months of the current fiscal, totaling $156.77 billion, and a marginal decline in the wearable, home, and accessories market, totaling $30.52 billion.
Moreover, the company has become the largest exporter of mobile phones from India, with the country also being among the top five markets for Apple now.
Sales of Apple's iPhone 15 smartphones registered a 100 per cent growth compared to that of the iPhone 14 series on the launch day on 22 September, according to industry sources.