Buoyed by friendly government policies and a production-linked incentive (PLI) scheme, India is set to cross Rs 1,20,000 crore in mobile exports in the current fiscal year (FY24), driven by tech giant Apple, the top electronics industry body told IANS on Tuesday.
The country surpassed a remarkable Rs 90,000 crore worth of smartphone exports in the fiscal year 2022-2023.
According to the India Cellular and Electronics Association (ICEA), mobile phone exports have already registered a massive 128 percent growth in the months of April-May this year.
“Mobile phone exports growth in 2023-24 have bucked the trend of falling exports with a growth of 128 percent in the first two months of 2023-24,” Pankaj Mohindroo, Chairman, ICEA, told IANS.
“We are confident of crossing Rs 120,000 crore in this financial year compared to Rs 90,000 crore in the last financial year which was a phenomenal 90 percent growth,” Mohindroo added.
Amid this stupendous growth in mobile exports, Apple’s share is set to exceed 50 percent in FY24, according to the ICEA.
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 world.
The country is now moving in a different direction, “which is largely export-focused and led by the government’s PLI push”.
According to estimates, India and Vietnam are set to become the biggest beneficiaries of smartphone supply chain migration out of China.
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