NEW DELHI: iPhone maker Apple is planning to boost its production in India by nearly five-fold to around $40 billion (Rs 3.32 lakh crore) in the next 4-5 years, PTI reported quoting government sources.
Apple has stepped up its operations in India over the last few years and has promised to boost its investments in the world’s second largest smartphone market.
Officials said that Apple has crossed the $7 billion production mark in the last financial year.
Apple manufacturers iPhones in India and has plans to start manufacturing Airpods from next year.
The company globally sold iPhones worth $191 billion and products worth $38.36 billion in the wearable, home and accessories segment in the financial year ended on September 25, 2022.
In the first nine months of the current fiscal, the company recorded about a 4 per cent dip in iPhone sales at $156.77 billion and a slight decline in the wearable, home and accessories segment at $30.52 billion.
The company has become the largest exporter of mobile phones from India.
According to industry sources, sales of Apple’s iPhone 15 series registered a 100 per cent growth compared to that of the iPhone 14 series on the launch day on Friday.
Apple has launched four models in the iPhone 15 series. Two variants — iPhone 15 and iPhone 15 Plus — are also being made in India.
The company has for the first time made available the ‘made-in-India’ iPhones on the same day it started selling the devices in other parts of the globe.
A recent report by Morgan Stanley said that India is likely to be a growth booster for the iPhone maker in terms of revenue and installed user base in the next five years.
The analyst noted that Apple’s India business could be worth as much as $40 billion over the next ten years.
(With inputs from PTI)

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