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Outgrowing Apple
Business Standard
|January 11, 2024
A pple Inc has become the poster boy for the production-linked incentive (PLI) scheme and foreign direct investment (FDI) in India.
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Its achievements have been impressive. The company saw exports surge more than five times to $5 billion in FY23, accounting for 80 per cent of smartphone shipments from India, with Samsung accounting for most of the rest.
Apple also says it has created through its ecosystem of mainly Taiwanese vendors 100,000 new direct jobs in the 19 months since it entered the PLI scheme, about half of the total direct jobs that the government reckons will be created under the PLI scheme for mobile phones in five years. Though it is Samsung that has set up the world's largest phone factory in the country, it is Apple that is said to be boosting the "China-Plus-One India Story" around the world.
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