₹60,000 and Counting for Apple in India

In the first seven months of this financial year (April to October 2023), Apple has been rocking it in India. They made iPhones worth a whopping ₹60,000 crore, and more than ₹40,000 crore worth of iPhones were sent to other countries, beating last year's record.

Now, Apple is on a mission: they want to make iPhones worth nearly ₹1 lakh crore in India by March 2024. If they miss the mark by then, experts think they'll hit it in the first part of the next fiscal year.

Getting ready for the holiday season in the US and the West, Apple is making more iPhones. But it's not all smooth sailing – there are challenges, like a slowdown in people buying stuff.

Last year (FY23), iPhones made history by being the first brand to export over $5 billion worth of phones from India. This year is even crazier, with a 185 percent increase in exports in the first seven months alone!

Here's the secret: Apple doesn't make these iPhones themselves in India. They have friends like Foxconn, Pegatron, and Wistron doing the heavy lifting. The Tata Group also joined the party by buying all of Wistron Infocomm Manufacturing (India) Pvt Ltd.

Apple's love for India has been growing. They started small in 2018-19, and by 2020-21, they went big. The money they're putting into making iPhones in India has jumped from ₹16,750 crore to ₹60,000 crore in just seven months of this fiscal year.

People are crazy about iPhones in India, especially the fancy ones. Experts think Apple will sell a record 9-10 million iPhones in 2024, up from less than 7 million last year.

In 2023, Apple India made ₹49,321 crore. That's a big deal because it's 1.5 percent of Apple's global earnings, which is a massive ₹32.6 lakh crore ($383.93 billion). 

So, Apple's success in India is not just about making phones; it's about the love people have for iPhones and the cool partnerships they've made.

Apple is looking to grow in India as fast as it can. 

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