Impact of PLI: Apple produces $10 billion iPhone in seven months

New Delhi| Apple has produced $10 billion worth of iPhones in India between the first seven months of the current financial year (April to October). Out of this, phones worth seven billion dollars have been exported. Total smartphone exports exceeded $10.6 billion.

Union Minister Ashwini Vaishnav said on social media, this has been possible with the Production Linked Incentive Scheme (PLI). Apple has produced 37 percent more in this financial year compared to the financial year 2023-24. October was a historic month for Apple in India, because for the first time in a single month the company’s production crossed two billion dollars. In the smartphone sector, the PLI scheme has generated 19 times more revenue than its investment. This has brought revenue of Rs 1.10 lakh crore to the government. The PLI scheme for all smartphone companies except Samsung will expire in FY 2025-26.