The latest edition of the “India Edition newsletter” also notes that Apple produced $22 billion worth of iPhones in India in the 12 months to March this year, an increase of nearly 60 percent over last year. It's important to note that the amount here refers to the estimated ex-factory price of the device, not the retail price.

Apple now makes one-fifth of its iPhones in India, or 20 percent of its production, according to people familiar with the matter.

Apple CEO Tim Cook has repeatedly said that Apple highly appreciates China's technological prowess in producing its flagship devices. 2022 estimates suggest that it could take up to eight years to shift 10 percent of Apple's production capacity out of China.

Currently, Apple already assembles the full range of iPhones in India, including the higher-end Pro series. Apple's manufacturing success in India has also benefited from the Indian government's strategy with Prime Minister Narendra Modi to promote the country as a global manufacturing center. Modi also plans to boost the manufacturing of electronic components and focus on developing the semiconductor industry by providing $2.7 billion in new fiscal incentives.

Apple's smartphone market share in India is close to 8 percent, with sales of nearly $8 billion in fiscal 2024.