This fiscal year, Apple’s contract manufacturers are anticipated to produce iPhones worth Rs. 47,000 crores in India, the second year of the PLI plan, which began in April. This is about five times the Rs. 10,000 crores worth of iPhones were produced in India by Foxconn and Wistron in FY22.

The expected output for FY23 is more than twice the amount required for the iPhone producers to qualify for subsidies under the PLI scheme for smartphones for the second year. Each of the contract manufacturers – Foxconn, Wistron, and Pegatron – is required to produce phones worth RS. 8,000 under the scheme.

Market analysts predict that Apple will ship roughly 7 million units this year, giving it its highest-ever market share of 5.5 percent, thanks to strong demand for a wider range of devices, increased local production, and attractive financing options.

India accounts for less than 1% of Apple’s global sales; over 60% of iPhone production will be for export, which is one of the PLI Scheme’s key goals, according to sources familiar with the situation.