Apple hits $1 billion exports in a month from India

Apple hits a milestone of $1 billion exports in a month in India. Apple is the first smartphone maker in India to achieve $1 billion exports in a month, according to reports. Overall smartphone exports also reached above Rs 10,000 crore, the report added.

The US tech giant is shifting base to India and away from China as the country faces uncertainties. Foxconn, Pegatron and Wistron, have manufacturing units in Tamil Nadu and Karnataka. They are the beneficiaries of the government's PLI scheme for smartphones.

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The government estimates India is likely to export mobile phones worth about $9 billion in FY23, up from $5.8 billion in the year before.

Luke Lin, an analyst forecasted at the research unit of Taiwan's DigiTimes newspaper, in the South China Morning Post, India could produce one in two of the world's iPhones by 2027 as compared to the current percentage with stands at less than 5 percent. The forecast is more aggressive than JPMorgan's earlier prediction that India would assemble 25 percent of total Apple iPhones worldwide by 2025.