Apple’s Make in India Initiative: $14 Billion Worth of iPhones Assembled in FY24
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According to reports, Apple Inc. has assembled iPhones worth $14 billion in India during fiscal year 2024, marking a significant milestone in its Make in India initiative. The expansion of Apple’s manufacturing capabilities in India not only boosts the country’s role in global supply chains but also stimulates economic growth and job creation
Key Points:
– Apple now produces approximately 14% or about 1 in 7 of its flagship devices in India, signaling the country’s growing importance in its manufacturing strategy.
– Foxconn, a major manufacturing partner, accounted for nearly 67% of the India-made iPhones, while Pegatron Corp contributed around 17%.
– The remaining portion of India-made iPhones was manufactured at Wistron Corp’s plant in Karnataka, which the Tata Group took over last year.
Industry Shift:
– Apple’s move to increase manufacturing in India comes amid geopolitical tensions between China and the United States, prompting the tech giant to diversify its supply chain beyond China.
– Despite China remaining the largest iPhone manufacturing hub globally, Apple’s focus on India reflects its commitment to mitigating geopolitical risks and expanding its global footprint.
Recent Developments:
– Pegatron is reportedly in advanced discussions to transfer control of its sole iPhone manufacturing facility, located near Chennai in Tamil Nadu, to the Tata Group.
– The Tata Group, a prominent Indian conglomerate, is also constructing a new manufacturing plant in Hosur, Tamil Nadu, with Pegatron expected to become its joint venture partner.
Future Outlook:
– Apple’s continued investment in Indian manufacturing facilities, along with strategic partnerships with local conglomerates like the Tata Group, underscores its long-term commitment to the Indian market.
Apple’s significant investment in Indian manufacturing highlights its confidence in the country’s potential as a key production hub and signals broader opportunities for collaboration and growth in the region.
