Apple’s Record Sales in India: USD 8 Billion in 2023-24
Apple Inc’s annual sales in India hit a record of almost USD 8 billion in the financial year 2023-24, marking a 33% increase from the previous year. The iPhone maker is expanding in India, a key market with a large population and the fastest-growing major economy.
Apple’s Expansion in India
Apple now assembles its newest iPhones in India and has opened two flagship stores in Delhi and Mumbai in 2023. The company’s pricey iPhones accounted for more than half of the sales.
Manufacturing and Exports
Apple started manufacturing iPhones in India in 2017. The Central Government’s Production Linked Incentive (PLI) scheme has attracted several gadget makers, including Apple. Apple’s iPhone exports surged from USD 6.27 billion in 2022-23 to USD 12.1 billion in 2023-24.
India’s Economic Growth
India’s economy grew 8.2% in 2023-24, 7.2% in 2022-23, and 8.7% in 2021-22. The country’s GDP is currently ranked 5th globally, estimated to be around USD 3.7 trillion, with a target of USD 5 trillion in the near term.
