According to the Economic Times, Apple surpassed Samsung and became the first company to cross the milestone of $1billion in total exports of smartphones.
Apple’s rising export valuation in India is in line with India’s manufacturing facilities that have facilitated growing electronics exports that grew by over 51 percent year-on-year in the final three quarters of 2022.
Apple’s contract manufacturers – Foxconn Hon Hai and Pegatron, both located out of Tamil Nadu, and Wistron, which is in Karnataka – are participants in the government’s smartphone production linked incentive program launched in April 2020. These companies produce and export iPhone 12, 13, 14 and 14+ models from India.
Electronics and IT Secretary Alkesh Kumar Sharma said that a number of incentives have been introduced to transform India from a service nation to a product nation. India is creating an entire ecosystem of electronic hardware, semiconductors, and working on creating facilities such as fabrication plants.
“We are doing a lot of research and development on deep tech. Emerging technologies are a new fifth pillar for us,” Sharma added.
