India Assembles 14% of Global iPhones, Boosts Electronics Export Ranking

Apple has assembled 14% of global iPhones in India for FY24, significantly boosting the country's electronics export ranking. India's share in global electronics exports rose to 0.88% in 2022, supported by the government's PLI scheme. The domestic electronics manufacturing sector has experienced remarkable growth since 2014.

US smartphone major Apple has assembled 14 percent of global iPhones in India during FY24, according to the Economic Survey 2023-24 unveiled on Monday. The country's position in global electronics exports improved by four spots.

Finance Minister Nirmala Sitharaman presented the Survey, which highlighted that the mobile phone segment within electronics saw the maximum growth. Exports to the US rose from USD 2.2 billion in 2022-23 to USD 5.7 billion in FY24. Apple, with assembly operations by Foxconn in Karnataka and Tamil Nadu, produced USD 14 billion worth of iPhones in India, constituting 14 percent of its global production.

India's share in global electronics exports improved from 0.63 percent in 2018 to 0.88 percent in 2022, elevating its export ranking from 28th to 24th. Electronics goods now account for 6.7 percent of India's merchandise exports, up from 2.7 percent in FY19. With a significant rise in domestic production and exports, India's electronics sector now contributes 4 percent to the national GDP.