Apple Likely To Shift 18 Per Cent Of iPhone Production In India By FY25: Bank Of America
1 year, 6 months ago

Apple Likely To Shift 18 Per Cent Of iPhone Production In India By FY25: Bank Of America

ABP News  

US tech giant Apple may shift over 18 per cent of its global production of iPhones to India by 2024-25 on the back of the government’s production-linked incentive scheme for mobile phones, Bank of America said in a report. India's share in global iPhone production in FY23 stood at 7 per cent. According to the BoFA report the Rs 38,000-crore PLI scheme has helped improve the export mix in local production from 16 per cent to 25 per cent, adding that this can enable India to become a "credible global supply chain alternative" for mobile phones and electronics. The report also added that mobile phones are 21.5 per cent of India's domestic electronics demand and are growing at 15 per cent compounded annually.

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