12% of Apple's iPhones sold worldwide could be India-made by FY26

Vendors' minimum commitment of FoB value for incremental production under PLI will be the decider

At a time when Apple delivered its flagship line of new products on schedule despite battling a year of supply-chain turmoil, India could account for at least 12 per cent of the free-on-board (FoB) value of Apple Inc’s iPhones manufactured by its vendors globally by 2025-26 (FY26). The number represents a significant shift for the Cupertino-based company’s over-dependence on China, where 95 per cent of its phones are still being made.  

India’s growing importance can be seen from the fact that in 2021-22 (FY22) — the first year of the production-linked incentive (PLI) scheme (the scheme was extended by a year