Apple makes iPhones worth Rs 1 trillion in FY24; exceeds PLI target

It has also exceeded its target for the third year in which the eligibility for incentives were pegged at a maximum of Rs 75,000 crore for the three vendors

Three years after it entered the country, Apple Inc, through its three contract manufacturers, has hit a milestone by producing iPhones of over Rs 1 trillion in free-on-board (FOB) value in the first 11 months of the current financial year (2023-24, or FY24).

With this, the Cupertino-headquartered company has surpassed its target of producing Rs 1 trillion worth of iPhones by the fifth year of the production-linked incentive (PLI) scheme two years ahead of schedule.

It has also exceeded its target for the third