India Crosses Rs 85,000 Crores in Mobile Export

BUSINESS

India’s push for domestic production of consumer electronics has changed the country’s economic landscape. India’s mobile exports totaled more than Rs 85,000 crore during the fiscal year that ended March 31, 2023. This is a remarkable accomplishment. The India Cellular and Electronics Association (ICEA) provided IANS with industry data indicating that production-linked incentive (PLI) programs were the primary factor in India surpassing $10 billion in smartphone exports during the fiscal years 2022 and 2023.

The mobile phone industry in India has benefited significantly from the government’s incentives for local manufacturing. When compared to the same period in the previous fiscal year, exports of smartphones have increased by twofold. This demonstrates the country’s growing emphasis on domestic production, which has made it the world’s second-largest mobile phone manufacturer. It is a remarkable achievement that more than 97% of smartphones sold in India are now manufactured locally.

India currently exports mobile phones to the United Arab Emirates, the United States, the Netherlands, the United Kingdom, and Italy. The mobile phone industry will surpass $40 billion in manufacturing output, according to Chairman of ICEA Pankaj Mohindroo, and 25% of exports will reach $10 billion, which is an excellent performance.

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By 2027, India is anticipated to surpass China’s iPhone production capacity by 45-50 percent. By the end of 2022, India’s production capacity would have produced between 10 and 15 percent of all iPhones. Presently, Apple is delivering the iPhone 12, 13, 14, and 14 Or more models in the country.