Apple iPhone exports break all records, surge to Rs 1 lakh crore in first 10 months of FY25

Apple Inc. has broken its own record for iPhone exports from India, crossing the Rs 1 lakh crore (Rs 1 trillion) mark in free on board (FOB) export value during the first 10 months of fiscal year 2024-25 (FY25), Business Standard reported.

The company’s exports grew 31% from April 2024 to January 2025, compared with the same period a year earlier.

In January alone, Apple exported iPhones worth Rs 19,000 crore, beating the previous monthly record of Rs 14,000 crore set in December 2024.

Manufacturing inder PLI scheme

This rapid surge is largely due to the assembly work done by three major suppliers—Foxconn, Tata Electronics, and Pegatron—under India’s production-linked incentive (PLI) scheme.

The momentum picked up significantly following the global debut of the iPhone 16 in October 2024. The phone, also assembled in India, helped monthly exports soar past Rs 10,000 crore, ultimately pushing Apple past the Rs 1 lakh export threshold well before the end of the fiscal year (FY25).

Ashwini Vaishnaw shares post on X

Another record performance under PLI scheme.👍

▶️PLI propels iPhone exports past ₹ 1 Lakh cr in just 10 months of FY 25

▶️ Overall Smartphones expected to cross ₹ 2.25 lakh cr in FY 25 pic.twitter.com/E78bKVXgXj

— Ashwini Vaishnaw (@AshwiniVaishnaw) February 10, 2025

He also said that the overall smartphones export expected to cross Rs 2.25 lakh crore in the current financial year.

The report noted that Apple’s efforts to expand its domestic supply chain have steadily raised local value addition to about 15-18%, compared to an estimated 5-6% in 2020.

Components, assembly work, and other inputs for certain iPhone models are now increasingly sourced from within India, creating more local jobs and economic activity.

Government policies driving change

The Phased Manufacturing Programme (PMP), which was introduced in 2017, helped reduce large-scale smartphone imports by promoting domestic assembly. Building on that momentum, the PLI scheme launched in April 2020—coinciding with India’s COVID-19 lockdown—further incentivized global tech giants to invest in local production.

The government also announced the launch of a new Rs 25,000 crore scheme to support electronic components, which is expected to get Cabinet clearance soon. This scheme has two objectives: increase local value addition in mobile device manufacturing and to position India as a hub for electronics exports.

According to IDC estimates, Apple shipped more than 12 million iPhones in 2024, a surge of 34-35% from around 9 million in 2023.