14% iPhones made in India in FY24, electronics export rank up: Eco Survey

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14% iPhones made in India in FY24, electronics export rank up: Eco Survey - Business Standard

Quick Summary:

US smartphone major Apple assembled 14 per cent of global iPhones in India in FY24 and the country's ranking in global electronics export improved by four positions, Economic Survey 2023-24 said on Monday.

"Apple assembled USD 14 billion worth of iPhones in India during FY'24, constituting 14 per cent of its global iPhone production," the Economic Survey said citing third-party data.

The Survey, tabled in Parliament by Finance Minister Nirmala Sitharamn, said that the mobile phone segment within the electronics sector has experienced the maximum growth with exports to the US rising from USD 2.2 billion in the financial year 2022-23 to USD 5.7 billion in FY24.