Apple's PLI Initiative Directly Employed 1.5 Lakh People: Union Minister
In a significant development for India's technology and manufacturing landscape, Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, announced that the Apple ecosystem has emerged as a powerhouse for job creation since the approval of the production-linked incentive (PLI) scheme in 2021.
Chandrasekhar highlighted that over 150,000 people are directly employed within the Apple ecosystem, with an additional 3 lakh individuals finding employment indirectly due to Prime Minister Narendra Modi's PLI policies. This has resulted in a total of over 4 lakh new jobs, making Apple the largest blue-collar job creator in the country.
The minister revealed that iPhone factories are gearing up to hire more than 10,000 people directly during the peak production period from June to September. Additionally, the fiscal year 2024 witnessed iPhone production exceeding Rs 1 lakh crore in February, with 70 percent of the output earmarked for exports, contributing to a total market value of Rs 1.6 lakh crore.
Furthermore, Chandrasekhar noted that iOS app development has become a significant job creator, supporting over 1 million jobs. Apple has also initiated an education program focused on women's health, allocating $50 million from its Supplier Employee Development Fund for this purpose.
The Union Minister shared impressive financial figures reflecting Apple's growth trajectory in India. In FY23, Apple's revenue in India surged to nearly Rs 50,000 crore, marking a 48 percent increase from the previous fiscal year. Moreover, the net profit witnessed a remarkable growth of 76 percent, reaching Rs 2,229 crore, the fastest growth in net profit for Apple in India over the past five years.
Additionally, India is on the brink of achieving significant milestones in mobile phone production and exports. The country is nearing the target of Rs 20 lakh crore worth of mobile phone production in the last decade, with mobile phone exports expected to surpass Rs 1.20 lakh crore in FY24 alone, representing a staggering 7,500 percent increase in exports over the past decade.
Chandrasekhar highlighted that over 150,000 people are directly employed within the Apple ecosystem, with an additional 3 lakh individuals finding employment indirectly due to Prime Minister Narendra Modi's PLI policies. This has resulted in a total of over 4 lakh new jobs, making Apple the largest blue-collar job creator in the country.
The minister revealed that iPhone factories are gearing up to hire more than 10,000 people directly during the peak production period from June to September. Additionally, the fiscal year 2024 witnessed iPhone production exceeding Rs 1 lakh crore in February, with 70 percent of the output earmarked for exports, contributing to a total market value of Rs 1.6 lakh crore.
Furthermore, Chandrasekhar noted that iOS app development has become a significant job creator, supporting over 1 million jobs. Apple has also initiated an education program focused on women's health, allocating $50 million from its Supplier Employee Development Fund for this purpose.
The Union Minister shared impressive financial figures reflecting Apple's growth trajectory in India. In FY23, Apple's revenue in India surged to nearly Rs 50,000 crore, marking a 48 percent increase from the previous fiscal year. Moreover, the net profit witnessed a remarkable growth of 76 percent, reaching Rs 2,229 crore, the fastest growth in net profit for Apple in India over the past five years.
Additionally, India is on the brink of achieving significant milestones in mobile phone production and exports. The country is nearing the target of Rs 20 lakh crore worth of mobile phone production in the last decade, with mobile phone exports expected to surpass Rs 1.20 lakh crore in FY24 alone, representing a staggering 7,500 percent increase in exports over the past decade.
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