The Indian market is proving to be a great one for the top global tech company Apple. iPhone maker Apple is getting tremendous benefits by starting manufacturing in India. Its business in India has grown so much that the entire value of many decades-old giant Indian companies has become small in front of it.
The figure was crossed in the last financial year itself
An ET report quoted officials as saying that Apple’s business in India has crossed Rs 2 lakh crore. Apple’s business crossed Rs 2 lakh crore in the financial year 2023-24. In the Economic Review presented before the budget last month, it was also told that Apple’s business has taken the form of the largest ecosystem of any multinational company in India.
Exports are getting double than domestic sales
During the last financial year, Apple exported iPhones worth Rs 1.35 lakh crore from India. This is the highest export done by any brand in the last financial year. At the same time, Apple’s sales in the domestic market were worth Rs 68 thousand crore. In this way, the combined figure of domestic sales and exports reached Rs 2.03 lakh crore.
Such work has not been done in 50 years
Although Apple has been in business in India for many years, it has gained significant momentum in the last two-four years, when the company adopted a strategy to shift its manufacturing base from China. After starting manufacturing of iPhone and other devices in India, Apple’s business has grown rapidly, which officials are calling the best performance of any company in India in the last 50 years. They say that in the last 50 years, such growth has not been seen in the production and export of any other company in the Indian market.
In this way business grew in India
Apple first started discussions with the government in 2016 about manufacturing in India. After that, in 2019, the government held discussions with many foreign and domestic companies including Samsung apart from Apple. The government launched the Production Linked Incentive Scheme for smartphones for the first time in 2020. Apple has emerged as the most prominent company to take advantage of the PLI scheme for smartphones.
The value of these big companies is also low
The extent to which Apple’s Indian business has grown in the last 4 years can be estimated by comparing the total value of several decades-old giant Indian companies. For example, the market cap of Navratna government company GAIL is just over Rs 1.5 lakh crore. The value of Tata Steel of Tata Group is Rs 1.87 lakh crore. The market capitalization of the giant metal and mining company Vedanta is Rs 1.67 lakh crore. According to the data of Companies Market Cap, there are only 46 such companies in India whose market capitalization is more than Rs 2 lakh crore.
Also read: Apple has a big plan in India, the company will give jobs to 5 lakh people
