1 out of 7 iPhones in the world is manufactured in India: PM Modi

  • IANS
  • Stock Market News
1 out of 7 iPhones in the world is manufactured in India: PM Modi
Credit: © Reuters.

New Delhi, May 19 (IANS) In a stellar show of local manufacturing strength, Apple (NASDAQ: AAPL ) has doubled down on iPhone production in India and one out of seven iPhones in the world is now being manufactured in the country, Prime Minister Narendra Modi said on Sunday. The Prime Minister said India is now the second largest mobile phone manufacturer in the world.

"One out of seven iPhones in the world is now being manufactured in India. We are also exporting a record number of the Apple product which is a stellar example of the production-linked incentive (PLI) scheme’s success," PM Modi told NDTV (NS: NDTV ) in an interview.

Around 25 per cent of all iPhones are to be made in India by 2028.

The company had a record first-quarter shipment in the country, growing by 19 per cent (year-on-year).

The iPhone maker is also deepening its ecosystems by building a network of local vendors, thus lowering its dependence on China, while creating lakhs of jobs. The company clocked strong double-digit growth in India in the March quarter this year, and the country is likely to become the tech giant's third-largest market in the next two to three years.

Apple shipped approximately 10 million iPhones in India last year, accounting for 7 per cent of the market share. The country is home to more than 850 million mobile phone users and has the potential to reach over a billion smartphone users in the next couple of years.

--IANS

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