Apple’s iPhones have propelled smartphones into the top-five most exported commodities from India in the fiscal year that ended in March this year.
India’s smartphone exports nearly doubled to $10.9 billion during the year from $5.4 billion the year before that, according to data from India’s commerce ministry.
And iPhone handsets accounted for half of those smartphones, followed by Samsung, Business Standard reported today (June 12). In the last financial year, when Apple’s figure stood at only 24%, India’s overall smartphone exports were in the ninth position.
In the financial year 203, the top-four commodities exported from India included automotive fuels, aviation fuel, motor gasoline, and diamonds for non-industrial use, the newspaper reported.
India’s $6.6-billion financial program to boost local smartphone manufacturing under the production-linked incentive scheme has attracted global majors. The government’s promotional program came at a time when China’s tech crackdown and the covid-19-linked shutdowns compelled companies to shift their production base to alternative hubs.
MacDailyNews Take: iPhone will soon propel smartphones into India’s top three exports.
The CCP’s lunacy is India’s gain. – MacDailyNews, March 3, 2023
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It was not that long ago–2-years-ish–that many loud voices here denigrated India and Apple’s business case to transition from China to India.
Amazing some were beholden to such a naive narrative (prob still are).