Apple Surpasses Rs 1 Trillion in Exports in FY25, Breaks All Records

Apple Inc. has achieved a significant milestone, surpassing the Rs 1 trillion mark in free on board (FOB) export value within the first 10 months of the financial year 2025 (FY25). This marks the first time the tech giant has reached this threshold in a single fiscal year.

Between April 2024 and January 2025, Apple’s exports grew by 31%, compared to the same period last year, when the export value stood at Rs 76,000 crore. January 2025 alone witnessed record-breaking exports of Rs 19,000 crore, primarily driven by the assembly of iPhones under India’s Production-Linked Incentive (PLI) scheme by Apple’s key vendors — Foxconn, Tata Electronics, and Pegatron (recently acquired by Tata Group with a majority stake). This figure exceeded the previous record of Rs 14,000 crore set in December 2024.

The surge in iPhone exports began in October 2024, with the global launch of the iPhone 16, which was also assembled in India. Since then, exports have consistently surpassed Rs 10,000 crore per month, contributing to Apple’s achievement of a record Rs 1 trillion in exports in just 10 months.

Apple’s strategy to bring in a domestic supply chain has resulted in an increase in the value addition of iPhones assembled in India, a key area being closely monitored by the government. In 2020, the value addition was estimated to be only 5-6%, primarily from labor and contract-manufacturing fees. However, this has now increased to 15-18%, depending on the model, with some models seeing even higher value addition.

The PLI scheme has played a critical role in accelerating iPhone exports, as Apple continues shifting its supply chain from China. This shift has significantly transformed the profile of Indian exports, with smartphones now ranking among the country’s top 10 export categories.

Over the past decade, smartphones have risen from being India’s 167th-ranked export category in FY15 to now becoming the country’s second-largest export, trailing only automotive diesel fuel. This remarkable rise within just 10 years is unparalleled in the history of Indian exports.

The government’s Phased Manufacturing Programme (PMP), introduced in 2017, helped reduce smartphone imports and boosted domestic assembly. By FY19, smartphones had climbed to India’s 23rd-largest export category. Motivated by this success, the government launched the PLI scheme in April 2020, coinciding with the onset of the Covid-19 lockdown.

Additionally, the government is set to announce a new Rs 25,000 crore scheme aimed at supporting electronic components, which is expected to be cleared by the Cabinet soon. This new initiative will focus on increasing value addition in mobile device production and establishing India as a hub for electronics exports.