Economic Survey 2023-24: 14% of global iPhones made in India in FY24, country's electronics export rank up
The Hindu
Apple assembles 14% of global iPhones in India, boosting country's electronics exports and manufacturing sector growth.
US smartphone major Apple assembled 14% of global iPhones in India in FY24 and the country's ranking in global electronics export improved by four positions, Economic Survey 2023-24 said on July 22.
The Survey, tabled in Parliament by Finance Minister Nirmala Sitharaman, said that the mobile phone segment within the electronics sector has experienced the maximum growth with exports to the U.S. rising from $2.2 billion in the financial year 2022-23 to $5.7 billion in FY24.
"Apple assembled $14 billion worth of iPhones in India during FY'24, constituting 14% of its global iPhone production," the Economic Survey said citing third-party data.
Foxconn has started production of Apple mobile phones in Karnataka and Tamil Nadu, it added.
"India's share in world electronics exports has improved from 0.63% in 2018 to 0.88% in 2022. As such, India's exports (ranking) rose from 28th in 2018 to 24th in 2022 in global electronics exports. The share of electronics goods in merchandise exports of India rose from 2.7% in FY'19 to 6.7% in FY'24," the survey said.
The survey recorded that India's electronics manufacturing sector has experienced significant growth since 2014, accounting for an estimated 3.7 per cent of the global market share in FY22.
At the same time, the industry contributed 4% to India's total GDP in FY22.