Technology

Union Minister: Apple’s ecosystem directly employed over 150,000 people since PLI in 2021

New Delhi, April 1 (IANS) – Minister of State for Electronics and IT, Rajeev Chandrasekhar, announced that the Apple ecosystem has directly employed over 150,000 people since the approval of the production-linked incentive (PLI) scheme in 2021, making it the country’s largest blue-collar job creator. Additionally, around 3 lakh people have been employed indirectly, resulting in over 4 lakh new jobs due to Prime Minister Narendra Modi’s PLI policies.

Chandrasekhar stated that “iPhone factories are set to hire more than 10,000 people directly in the peak June-September period.” The FY24 production of iPhones exceeded Rs 1 lakh crore in February, with 70% of the production being exported, leading to a total market value of Rs 1.6 lakh crore. Moreover, iOS app development now supports more than 1 million jobs, with Apple launching an education initiative on women’s health as part of its $50-million Supplier Employee Development Fund.

The Union Minister revealed that Apple’s revenue in India reached nearly Rs 50,000 crore in FY23, with sales increasing by 48% to Rs 49,321 crore and net profit rising by 76% to Rs 2,229 crore. This marked the fastest growth in net profit for Apple in India in the last five years. India is on track to achieve the target of Rs 20 lakh crore worth of mobile phone production in the last decade, while also surpassing Rs 1.20 lakh crore worth of phone exports in the current fiscal year (FY24) – a significant 7,500% increase in exports over the past decade, according to the India Cellular and Electronics Association (ICEA).

With the exponential growth in phone exports, mobile phones have now become India’s fifth-largest export as an individual commodity. The transformation brought about by the PLI policies has not only boosted the manufacturing sector but has also significantly contributed to job creation and economic growth in the country. This development underscores the impact of the Apple ecosystem on India’s economy and highlights the significance of government initiatives in fostering a conducive business environment.

IANS

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