India`s prowess in electronics powered by innovative youth: PM Narendra Modi
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Prime Minister Narendra Modi on Monday said India’s prowess in electronics is powered by innovative youth, as the electronics exports, driven by Apple iPhones, reached the third spot in the top 10 exports in the April-June quarter (Q1 FY25).
According to data by the Department of Commerce, electronics exports are now in the third position, with engineering products at the top, followed by petroleum.
“This is indeed a matter of immense joy. India’s prowess in electronics is powered by our innovative ‘Yuva Shakti’. It is also a testament to our emphasis on reforms and boosting Make in India,” the Prime Minister said in a post on X social media platform.
“India remains committed to continuing this momentum in the times to come,” PM Modi added.
According to Electronics and IT Minister Ashwini Vaishnaw, India’s “electronics export now is among the top 3”.
“Making in India, shipping worldwide,” the minister posted on X.
Apple is all set to cross $9.5 billion in revenue this year in the country, garnering more than 7 per cent market share. The Cupertino-based tech giant clocked nearly $8 billion in revenue in India in the last fiscal year.
Driven by the friendly production-linked incentive (PLI) scheme, the tech giant achieved record export numbers around $3.8 billion in the April-June period (Q1 FY25) in the country.
Experts said the long-term growth outlook remains positive with Apple being well-positioned to capitalise on India's growth trajectory over the next decade.
During the company’s quarterly earnings call last week, Apple CEO Tim Cook said the company has once again set a quarterly revenue record (April-June period) in India, riding on robust local manufacturing amid the government's push and growing export figures.
According to Luca Maestri, CFO of Apple, the company saw strong performance in emerging markets, with June quarter records for Mac in Latin America, India and South Asia.
The company has sufficient headroom for growth in the country over the upcoming quarters, with the new iPhone series and the festive season sales.
