In the current fiscal year 2022–2023, mobile phone exports from India are expected to increase to $9 billion from $5.8 billion.
According to a report in the Economic Times, the increase in exports is expected as firms increase production and shipment levels. In addition, it stated that India was on track to produce $300 billion worth of electronics by 2025–2026.
According to the article citing data from industry body India Cellular and Electronics Association, electronics worth approximately $87 billion were produced locally in FY22, and this amount is anticipated to increase to $100 billion in FY23 (ICEA). Over $5 billion worth of mobile phone exports have already been recorded, more than doubling the $2.2 billion exports that were recorded a year ago.
Samsung and Apple have been the main driving factors behind the growth of the phone industry. Half of the phones made in India are produced by these two businesses.
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“Early on in 2021, we sat with the industry and worked out this $300 billion roadmap…One of the key things of the target was significantly expanding exports to go from the current $18-20 billion to $120 billion by FY26. This fiscal, mobile phone exports are expected to reach $9 billion,” Rajeev Chandrasekhar, Minister of State for Electronics and IT, said, according to the ET report.
All states must take part to make India manufacturing hub
He continued by saying that in order to turn India into a manufacturing hub, all states must take part. The previous three years have seen a 66% increase in foreign direct investment (FDI) in the electronics sector, and as a result, nearly every state is now vying for these investments.
To increase the production of smartphones, the government introduced the Rs 41,000 crore Production-Linked Incentive (PLI) scheme in 2020.
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