Synopsis: Apple plans to significantly expand its production in India over the next few years, aiming to employ around 500,000 people in the country through its vendors and suppliers. This move comes after a successful year for Apple in India, where it achieved its highest revenue and witnessed a doubling of iPhone exports. Additionally, Apple is focusing on sustainability efforts in India through collaborations for solar energy projects.
Apple intends to ramp up its production in India by leveraging vendors, aiming to employ approximately 500,000 individuals from the country over the next three years, according to government sources. This surge in hiring represents a substantial increase from the current workforce of 150,000 Apple employees in India, with the majority employed at Tata Electronics' two plants.
"A conservative estimate suggests Apple will hire half a million people in the next three years through its vendors and component suppliers," stated a senior government official to PTI.
The Cupertino-based company plans to expand its production by fivefold, targeting a surge to around $40 billion (approximately 3.32 lakh crore) over the next four to five years. These expansion plans come on the heels of a successful 2023 for Apple in India, where it secured the highest revenue in the country for the first time, as per Counterpoint Research.
In addition to its revenue milestones, Apple witnessed a significant increase in iPhone exports from India, which doubled to $12.1 billion in fiscal year 2023-24 from $6.27 billion in the previous fiscal year, marking nearly a 100% rise, according to research by trade intelligence service The Trade Vision.
Furthermore, Apple is emphasizing its commitment to sustainability in the Indian market, recently announcing a partnership with Mumbai-based solar energy solutions provider CleanMax. The collaboration will involve investment in six rooftop solar projects in India, expected to generate a combined output of 14.4 megawatts (MW) to power Apple's offices and stores.
Disclaimer: The information provided in this article is based on publicly available sources and is intended for general informational purposes only. It does not constitute financial or investment advice. Readers are encouraged to conduct further research and consult with appropriate professionals before making any financial decisions.
