PLI booster: Apple iPhone exports hit record Rs 2 lakh crore in FY26
New Delhi, April 30
India's iPhone exports hit a record Rs 2 lakh crore in FY26 -- the country's single largest branded export ahead of diamonds, automotive fuel, and medicines -- in the final year of the government's production-linked incentive scheme for large-scale electronics manufacturing.
According to vendor data submitted to authorities, this has made Apple the largest branded export across all categories under the Harmonised System (HS) classification, which spans more than 5,000 globally traded product groups.
Overall smartphone exports from India stood at approximately Rs 2.6 trillion ($29.4 billion) during the period, with iPhones contributing over 75 per cent (over $22 billion).
Automotive diesel fuel -- the second-largest export category -- stood at $14.53 billion, well behind iPhones. Diamonds followed at $11.23 billion, while medicines and motor gasoline accounted for $9.98 billion and $8.5 billion, respectively.
Apple's rapid scale-up has positioned it as a key driver of India's manufacturing ambitions under the 'Make in India' initiative.
Moreover, iPhone exports have expanded sharply since the rollout of the PLI scheme, rising from negligible levels to Rs 2 lakh crore within five years. Shipments were valued at Rs 9,351.6 crore in FY22, increasing to Rs 44,269.5 crore in FY23, before accelerating to Rs 85,013.5 crore in FY24.
Exports then jumped to Rs 1.5 lakh crore in FY25, and grew a further 33 per cent in FY26 (April-February), despite geopolitical tensions and trade disruptions.
In a separate major development, Apple announced that John Ternus will succeed Tim Cook as chief executive officer effective September 1, 2026.
Cook -- who has led Apple since 2011 -- will transition to the newly created role of executive chairman, where he will engage with global policymakers and assist with select company matters, according to Apple.
Cook had previously dismissed speculation about a leadership change, calling such reports "a rumour" and reaffirming his commitment to leading the company.'
— IANS
Reader Comments
Rs 2 lakh crore is impressive but I hope the benefits reach ground-level workers in the supply chain. Too often, these numbers benefit only the top executives. Still, it's a proud moment for India's electronics sector. Let's push for more homegrown component manufacturing next.
Interesting that Apple is also changing leadership with John Ternus taking over. For India, this could mean a fresh perspective on our manufacturing ecosystem. Tim Cook's tenure saw massive investment here - hope the new CEO continues the momentum. The PLI scheme ending in FY26 raises questions about post-subsidy sustainability though.
As someone working in electronics manufacturing, I can tell you this is no small feat. We've gone from assembling basic phones to exporting high-end iPhones worth billions. The ecosystem development around Foxconn, Wistron, and Pegatron has been remarkable. Now we need to ensure the component suppliers also get their due under the PLI.
Over 75% of smartphone exports being iPhones shows how dependent we've become on Apple. What about other brands like Samsung or homegrown players? We need a diversified export basket. Also, the leadership at Apple is interesting - Tim Cook moving to chairman role means he'll still have influence on policy matters involving India. Good for us probably.
This is exactly the kind of story we need to hear more often - India competing globally in high-tech manufacturing. Beating diamonds and automotive fuel is a big deal. But let's not forget, PLI subsidies have been heavy. We need to see if these exports remain competitive without government support. Still, definitely a
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