India’s mobile phone export sector is witnessing a remarkable surge, outpacing previous records and poised to reach new heights, industry data revealed on Sunday.
According to figures from the India Cellular and Electronics Association (ICEA), exports have exceeded $9 billion (over Rs 75,000 crore) from April to November in the ongoing fiscal year, marking a substantial increase from $6.2 billion (over Rs 50,000 crore) during the corresponding period last year, IANS reports.
Notably, propelled by significant contributions from Apple, the country is on track to surpass $15 billion (over Rs 1,24,000 crore) in mobile phone exports this fiscal year, indicating a robust growth of 35 percent compared to the previous year.
India’s ascent as the second-largest manufacturing hub for mobile phones stems from substantial investments made by original equipment manufacturers, original design manufacturers, and companies involved in producing components and parts.
In the previous fiscal year, out of the $23.6 billion worth of electronics exports, mobile phones accounted for $11.1 billion. Forecasts for the ongoing fiscal year estimate electronics exports to reach $26 billion, with mobile phones anticipated to contribute a significant $15 billion, forming approximately 58 percent of the overall electronics exports, a substantial increase from around 47 percent in the prior fiscal year, according to the ICEA.
Apple’s ambitions further bolster the country’s manufacturing landscape, aiming to produce more than 50 million iPhones annually within India, intending to gradually shift production away from China. Reports suggest that this target is slated for accomplishment within the next two to three years, with plans for additional tens of millions of units in subsequent years.
Companies like Apple and Foxconn are strategically leveraging domestic capabilities to diversify their supply chains and amplify production by investing in manufacturing within India, signaling a strong commitment to the country’s manufacturing ecosystem.