The government’s push for local manufacturing of consumer electronics helped India surpass a record in mobile device exports of more than 85,000 crore rupees in the fiscal year ended March 31, industry data said on Saturday.
Buoyed by attractive government incentives for local manufacturing, India has crossed a remarkable $10 billion in smartphone exports in the fiscal year 2022-2023, according to data provided by the Indian Cellular and Electronics Association (ICEA) to IANS.
India’s smartphone exports have doubled over the same period last fiscal, thanks to production-linked incentive (PLI) schemes.
The top five global destinations to which India currently exports mobile phones are UAE, US, Netherlands, UK and Italy, according to ICEA data.
Smartphone exports from India have doubled from a corresponding period from the last fiscal year, driven by production-linked incentive (PLI) schemes
“The mobile phone industry will cross $40 billion in manufacturing output and 25 percent exports at $10 billion is a stellar performance,” ICEA Chairman Pankaj Mohindroo told IANS earlier.
More than 97 percent of smartphones sold in India are now manufactured locally.
India is now the second largest producer of mobile phones in the world.
According to Minister of State for Electronics and IT Rajeev Chandrasekhar, 2023 will be a milestone year as the country 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, which is comparable to China, which produced 80-85 percent of iPhones in 2022.
India and Vietnam are estimated to be the biggest beneficiaries of smartphone supply chain migration from China.
India accounted for 10-15 percent of total iPhone production capacity at the end of 2022.
The country is now moving in a different direction, “which is largely export-oriented and driven by the government’s performance-linked (PLI) system.