Apple set to scale up production India, employ 5 lakh people in next 3 years
iPhone maker Apple is set to scale up its production in India through vendors and is expected to employ around 5 lakh employees from the country in the next three years, the sources from the government revealed on Sunday. The fresh plans around hiring will be a significant boost from the current level of 1.5 lakh Apple employees in India, the majority of them through its two plants run by Tata Electronics.
“Apple is accelerating hiring in India. At a conservative estimate, it is going to employ five lakh people in the next three years through its vendors and components suppliers,” a senior government officer told PTI.
The Cupertino-based company is planning a five-fold expansion in its production, targeting an increase of more than five times to approximately USD 40 billion (roughly 3.32 lakh crore) over the next four to five years. The plans around expansions came after Apple had a great 2023 in India as it achieved the highest revenue in the country for the first time, a Counterpoint Research study said.
Dramatic rise in iPhone exports from India
The study further revealed that Apple not only surpassed the shipment of 10 million units for the first time in a year but also claimed the leading spot in terms of revenue.
Apart from a great year in terms of revenue, Apple also witnessed a dramatic rise in iPhone exports from India, which doubled to USD 12.1 billion in the fiscal year 2023-24 from USD 6.27 billion in the previous fiscal year, marking a significant increase of nearly 100%, research by trade intelligence service The Trade Vision said.
Apple is also focusing on its green push in the Indian markets as recently the company announced a collaboration with Mumbai-based solar energy solutions provider, CleanMax. The companies will come together to invest in six rooftop solar projects in India, which are expected to generate a combined output of 14.4 megawatts (MW), and will be used to power Apple’s offices and stores.
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Published: 21 Apr 2024, 08:38 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.