India’s push towards local manufacturing of consumer electronics items has proved to be a game-changer for the country. In the fiscal year ending March 31, India recorded more than Rs 85,000 crore in mobile exports, which is a remarkable achievement. According to industry data provided by the India Cellular and Electronics Association (ICEA) to IANS, India surpassed $10 billion worth of smartphone exports in the fiscal year 2022-2023, driven by production-linked incentive (PLI) schemes.
The Indian government’s incentives towards local manufacturing have proved to be a significant boost for the country’s mobile phone industry. Smartphone exports have doubled from the corresponding period of the previous fiscal year. This is a testament to the country’s growing focus on local manufacturing, which has made it the second-largest mobile phone manufacturer in the world. More than 97 per cent of the smartphones sold in India are now being produced locally, which is a remarkable achievement
The top five global destinations that India currently exports mobile phones to are the UAE, the US, the Netherlands, the UK and Italy. Pankaj Mohindroo, Chairman of ICEA, had earlier said that “the mobile phone industry will cross $40 billion manufacturing output, and 25 per cent exports at $10 billion is a stellar performance.”
India is expected to match China’s production capacity of 45-50 per cent for Apple’s iPhones by 2027. As of the end of 2022, India’s production capacity accounted for 10-15 per cent of iPhones overall. In December, Apple became the first smartphone manufacturer in India to export iPhones worth $1 billion. Currently, Apple is producing the iPhone 12, 13, 14, and 14 Plus models in the country.
According to Minister of State for Electronics and IT, Rajeev Chandrasekhar, the year 2023 will be a milestone as the country will cross Rs 1 lakh crore in mobile phone exports this year. India is now moving in a different direction, “which is largely export-focused and led by the government’s performance-linked scheme (PLI) push.
Source: Business Today
