Apple Plans To Increase Production Over Five Times In India In 5 Years: Report As per the report, the company has crossed the $7 billion production mark in the last financial year

By Teena Jose

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AppleInc. has plans to scale up production in India by over five-fold to around $40 billion (about 3.32 lakh crore) in the next 4-5 years, according to a PTI report, citing government sources, adding that the company has crossed the $7 billion production mark in the last financial year.

"Apple has plans to increase production in India to over $40 billion in the next four-five years. It has crossed $7 billion in the last fiscal. Also, 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," PTI quoted the official.

According to the report, the company globally sold iPhones worth $191 billion and products worth $38.36 billion in the wearable, home and accessories segment in the financial year ended on September 25, 2022.

In the first nine months of the current fiscal, the company recorded about a 4 per cent dip in iPhone sales at $156.77 billion and a slight decline in the wearable, home and accessories segment at $30.52 billion, it further stated.

As per available sources, sales of Apple's iPhone 15 series reportedly registered a 100% growth compared to that of the iPhone 14 series on the launch day on Friday.

According to market research firm Counterpoint Research, Apple led the ultra-premium segment, with phones priced above INR 45,000 apiece, with 59% market share in the first quarter of 2023 and India is among the top-five markets for the company now.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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