The government’s drive towards local manufacturing of consumer electronics items has helped India cross-record more than Rs 85,000 crore in mobile exports in the fiscal year ending March 31, industry data indicated on Saturday.
India has emerged as one of the largest mobile phone manufacturing hubs in the world in recent years, with several major global players setting up factories in the country.
The Indian government has also implemented policies to boost local production and attract foreign investment in the sector. With the growing demand for smartphones and mobile devices in India and around the world, the mobile manufacturing industry in India will likely continue to grow and thrive in the coming years.
Buoyed by attractive government incentives towards local manufacturing, India surmounted an extraordinary $10 billion worth of smartphone exports in the fiscal year 2022-2023, according to the data provided by the India Cellular and Electronics Association (ICEA) to IANS.
Smartphone exports from India have doubled in the corresponding period from the last fiscal year, propelled by production-linked incentive (PLI) schemes.
The top five global destinations India presently exports mobile phones to are the UAE, the US, the Netherlands, the UK, and Italy, according to the ICEA data.
“The mobile phone industry will cross $40 billion manufacturing output and 25 percent exports at $10 billion is a remarkable performance,” Pankaj Mohindroo, Chairman of ICEA, had earlier told IANS.
More than 97 percent of the smartphones sold in India are now being produced locally. India is now the second largest mobile phone manufacturer in the globe.
According to Minister of State for Electronics and IT, Rajeev Chandrasekhar, the year 2023 will be a milestone as the nation will cross Rs 1 lakh crore in mobile phone exports this year. India is likely to produce 45-50 percent of Apple’s iPhones by 2027, at par with China, where 80-85 percent of iPhones were produced in 2022.
According to estimates, India and Vietnam are to become the largest beneficiaries of smartphone supply chain migration out of China. India accounted for 10-15 percent of iPhones’ overall production capacity at the end of 2022. Apple became the first smartphone player in India to have exported $1 billion worth of iPhones in December. It currently manufactures iPhones 12, 13, 14, and 14 Plus in the country. The country is now advancing in a different direction, “which is primarily export-focused and headed by the government’s performance-linked scheme (PLI) Pusha.
