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Apple’s India business surpasses USD 23 billion as manufacturing growth reaches 50-year high
According to the recent Economic Survey, India contributes around 14% to the US tech giants overall production, emerging as a key hub for its global exports. In FY23, Indias contribution was about 7%. iPhones dominate the numbers. Of the Rs 2-lakh crore valuation, iPhones worth a market value of around Rs 1.35 lakh crore ($15 billion) were exported last fiscal year, show calculations based on official data.
They told ET that Apple has likely exhibited the fastest growth in production and exports by any company in the last 50 years in India, making the Cupertino-based tech giant the largest global value chain (GVC) operating domestically. According to the recent Economic Survey, India contributes around 14% to the US tech giant’s overall production, emerging as a key hub for its global exports. Apple’s share in India is less than 6%, though rising steadily from 2% in FY18, as the market is largely dominated by the Android ecosystem — led by Chinese brands such as Vivo and Xiaomi.
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