Exports of smartphones from India have crossed more than Rs 85,000 crore (around $10 billion) during the fiscal year ended March 31, 2023, IANS report said.
India government’s push towards local manufacturing of consumer electronics items and significant incentives towards local manufacturing have assisted India in exporting $10 billion worth of smartphones in the fiscal year 2022-2023, according to data provided by the India Cellular and Electronics Association (ICEA).
Smartphone exports from India have doubled from a corresponding period from the last fiscal year, driven by production-linked incentive (PLI) schemes.
The top five global destinations India exports mobile phones to are the UAE, the US, the Netherlands, the UK and Italy, according to the ICEA data.
“The mobile phone industry will cross $40 billion manufacturing output and 25 percent exports at $10 billion is a stellar performance,” Pankaj Mohindroo, Chairman of ICEA, said earlier. 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.
According to Rajeev Chandrasekhar, Minister of State for Electronics and IT, 2023 will be a milestone as the country will cross Rs 1 lakh crore in mobile phone exports during the calendar year.
India is likely to produce 45-50 percent of Apple’s iPhones by 2027, at par with China, where 80-85 percent of iPhones were produced in 2022.
According to estimates, India and Vietnam are to become the biggest beneficiaries of smartphone supply chain migration out of China.
India accounted for 10-15 percent of iPhones’ overall production capacity at the end of 2022.
Apple became the first smartphone player in India to have exported $1 billion worth iPhones in the month of December. It currently manufactures iPhones 12, 13, 14 and 14 Plus in the country.