Apple's annual sales in India surpassed $10 billion for the first time in the fiscal year ending in March, according to a person familiar with the matter cited by Bloomberg. Revenue grew at a double-digit percentage rate over the 12 months through March, up from about $9 billion a year earlier. iPhones account for a significant majority of the total, while demand for iPads and MacBooks is also rising as the company widens its retail footprint.

Apple stands to gain from India's decision to eliminate import duties on a range of components used in smartphone manufacturing. This move could further lower costs for the company's rapidly growing India-based supply chain. The Indian government has done away with tariffs of 7.5% and 5% that had applied to inputs for wireless charging hardware.

Additionally, India has proposed extending tax breaks until 2041 for foreign companies that supply machinery to their contract manufacturers. This provides a win for Apple as it expands iPhone production in the country, following successful lobbying efforts regarding high-end machinery taxation.