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

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. The Justice Department is poised to sue Apple Inc. as soon as Thursday, accusing the world’s second most valuable tech company of violating antitrust laws by blocking rivals from accessing hardware and software features of its iPhone.