Apple Inc’s annual sales in India hit a record of nearly $8 billion in the just-ended 2023-24 financial year, Bloomberg reported, citing a person familiar with the data.
India’s revenue rose about 33 percent in the 12 months through March from $6 billion a year earlier, Bloomberg reported.
The iPhone maker is making a big push into India, a key market with a large population and the fastest-growing economy among major economies.
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Notably, Apple is now assembling its latest iPhones in India. The iPhone maker has two flagship stores in India — one in Delhi and one in Mumbai — set to open in 2023.
Apple’s expensive iPhones account for more than half of sales, an unnamed person said, Bloomberg reported.
Apple started manufacturing iPhones in India in 2017. The central government’s Production Linked Incentive (PLI) scheme is also likely to attract several gadget makers, including Apple, to set up shop in the country.
Apple’s iPhone exports are expected to jump from $6.27 billion in FY 2022-23 to $12.1 billion in FY 2023-24, according to the report.
Faced with supply chain disruptions, especially since the outbreak of the COVID pandemic in 2020 and the subsequent flare-up of geopolitical tensions, many leading global companies, especially those in the manufacturing sector, are diversifying their operations across regions. These visible business diversification trends are essentially about reducing risk and increasing flexibility.
Apple is also eyeing India as a way to diversify its manufacturing operations and revenue streams outside of China.
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For companies in such a situation, it means exploring emerging global supply chain regions for diversification, and India, with its political stability and large market opportunities coupled with a dynamic workforce and steadily rising income levels, is considered one of the best places to set up manufacturing facilities.
India continues to be the fastest growing major economy and is poised to maintain its growth trajectory going forward. The Indian economy is projected to grow at 8.2% in 2023-24, 7.2% in 2022-23 and 8.7% in 2021-22.
India’s GDP is currently the fifth largest in the world, after the United States, China, Germany and Japan. It is set to surpass the United Kingdom in 2022. Just a decade ago, India’s GDP was the 11th largest in the world. Currently, India’s GDP is estimated at around $3.7 trillion. India is aiming for $5 trillion in the near future. (ANI)
