Apple produced iPhones worth over Rs 1 lakh crore in India last year. This comes after Apple ramped up the output sharply from the year before. As per The Economic Times, made-in-India iPhones worth Rs 65,000 crore were exported in the January-December period.
The Economic Times quoted an official and said that the Rs 1 lakh crore is the Freight on Board (FOB) value at which it leaves the factory and the market value could be anywhere between Rs 1.5 lakh crore and Rs 1.7 lakh crore.
"To be sure, Rs 1 lakh crore is the freight on board (FOB) value at which the devices leave a factory," said an official told The Economic Times. "The market value of the production could be anywhere between Rs 1.5 lakh crore and Rs 1.7 lakh crore, depending on taxes and dealer margins of various countries."
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FOB is the price of a product at the factory gate, after which taxes and other various charges get added on. The Production Linked Incentive scheme introduced by Indian government to encourage manufacturing in the country applies to the FOB value of the device.
According to The Economic Times report, the production figures achieved by Apple have exceeded the targets under the production-linked incentive (PLI) scheme and may allow the company's contract manufacturers to get more residual incentives depending on the outlay.
The official also told the publication that Apple is looking to expand its supply chain in India after having delivered its promise of making India its second home in manufacturing.
"Apple has delivered on the promise of making India a second home for iPhone manufacturing. The company is now expanding its supply chain in the country," said an official
As per Counterpoint, Apple increased its India market share to 6% in FY23 from 2% in FY18 while that of Samsung has declined to 20% from 26% in the five years. In the same period, Apple's India business has jumped to Rs 49,322 crore from Rs 13,097 crore while Samsung's mobile revenues have swelled to Rs 70,292 crore from Rs 37,349 crore.