Apple, the iPhone maker, hopes to increase production in India by more than five times to $40 billion (or roughly 3.32 lakh crore) during the next four to five years.

Apple produced more than $7 billion worth of products in India during the previous fiscal year.

While Apple already produces iPhones in India, the company reportedly plans to start making AirPods early next year.

However, there are presently no plans to produce laptops or iPads in India, and Apple is not currently considering taking part in that country's Production-Linked Incentive (PLI) program for IT products. Instead, increasing current output levels is the immediate priority.

For the fiscal year that ends on September 25, 2022, Apple revealed remarkable sales results with iPhones totaling $191 billion and products in the wearable, home, and accessories categories totaling $38.36 billion.

However, the company saw a modest decline in iPhone sales (about four percent) and a tiny decline in sales within the wearable, home, and accessories segment ($30.52 billion) during the first nine months of the current fiscal year.

Apple has become India's top exporter of mobile phones, and according to industry experts, sales of the iPhone 15 series on launch day were up a staggering 100 percent from those of the iPhone 14 series.

The iPhone 15 series from Apple consists of four models, two of which, the iPhone 15 and iPhone 15 Plus, are made in India. It's noteworthy that the business released ‘made-in-India' iPhones on the same day as their global release.

According to market research company Counterpoint Research, Apple had a 59 percent market share in the first quarter of 2023 in the ultra-premium class, which includes phones costing more than Rs 45,000. India is currently one of Apple's top five markets.