Apple Is Now India's Fastest-Growing Manufacturer In 50 Years: Report

Author: Ananthu C U | August 14, 2024 04:18am

This story was originally published on the Benzinga India portal.

Apple Inc's (NASDAQ:AAPL) Indian venture has reportedly crossed the $20 billion revenue threshold in India in just three years of starting manufacturing in the country.

What Happened: Apple's business in India has experienced a significant upswing, exceeding $23 billion (₹2 lakh crore) in FY24, reported Economic Times. This was an increase from ₹1.15 lakh crore ($13.7 billion) clocked in the previous year. 

This is the highest manufacturing growth by a company in India in the last 50 years.

The report underscores Apple's remarkable performance in the Indian market, a terrain typically dominated by Android-based smartphones. This growth is attributed to Apple's intensified focus on India as a crucial market and its attempts to augment local manufacturing.

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A recent Economic Survey shows that India contributed 14% to Apple's overall production, almost doubling from a contribution of 7% in FY23. 

iPhones contributed around $15 billion to the exports from the country in the last fiscal year. Apple products brought in domestic sales of around ₹68,000 crore in FY24, the report added.

Apple is the first major global tech company that has made significant progress in shifting its supply chain from China to India. It started manufacturing in India in 2021.

In Apple's Q3 results, quarterly revenue increased 5% year on year to $85.8 billion. The company said Mac revenue increased by 2% from the previous year powered by the robust performance of the M3-powered MacBook Air in markets like India.

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