On Monday, Prime Minister Narendra Modi stated that India’s youth are the driving force behind its technological superiority, citing the rise in electronics exports, led by Apple iPhones, to the third rank in the top 10 exports during the April–June quarter (Q1 FY25).
The Department of Commerce’s data indicates that engineering items are the main export commodity, followed by petroleum, while electronics exports are currently ranked third.
“There is a great deal of happiness in this. India’s inventive ‘Yuva Shakti’ is the driving force behind our dominance in electronics. The Prime Minister added in a post on the social media platform X that it is also evidence of the focus we have placed on reforms and promoting Made in India.
PM Modi said, “India remains committed to carrying on this momentum in the times to come.”
India’s “electronics export now is among the top 3,” according to Ashwini Vaishnaw, Minister of Electronics and IT.
“Made in India, shipped anywhere in the world,” the minister wrote on X.
This year, Apple is expected to generate over $9.5 billion in revenue in the nation, accounting for about 7% of the market. In the most recent fiscal year, the IT behemoth with headquarters in Cupertino brought in around $8 billion from India.
With the help of the generous production-linked incentive (PLI) program, the IT giant set a record for exports to the nation, reaching $3.8 billion between April and June (Q1 FY25).
According to experts, there is still hope for long-term growth, and Apple is in a strong position to profit from India’s projected expansion over the next ten years.
Apple CEO Tim Cook stated on the business’s quarterly earnings call last week that the company had once again broken the quarterly revenue record (for the April–June period) in India, riding high local manufacturing in the face of government encouragement and rising export numbers.
Apple’s CFO, Luca Maestri, reported that the business had record-breaking results in emerging countries during the June quarter, with Mac sales in South Asia, India, and Latin America.
With the new iPhone series and the sales throughout the holidays, the corporation has enough room to grow in the nation over the next few quarters.
