Government data reveals a remarkable surge in India’s mobile phone exports, reaching a record high of over $15 billion in the FY24.
According to government data, India’s mobile phone exports have experienced a notable surge, achieving a historic peak of more than $15 billion in fiscal year 2023-24.
Apple’s dominance in this achievement is evident, contributing approximately 65 percent or around $10 billion to the total exports, marking a doubling of its contribution from the previous fiscal year. The milestone of $10 billion exports from India was achieved by Apple, making it the first smartphone brand to reach such a level.
The expansion of India’s mobile electronics manufacturing ecosystem has not only led to substantial export growth but has also had a profound socio-economic impact. Over 1.2 million jobs were generated, and goods worth $50 billion were produced in FY24. Electronics and IT Minister Ashwini Vaishnaw emphasised the increase in local value addition, with more components being manufactured within India, leading to steady growth in domestic value addition.
Vaishnaw expressed optimism about the future prospects of manufacturing and exports, foreseeing further acceleration as companies establish their entire component ecosystem locally and increase design inputs.
Despite significant progress, the industry faces challenges such as ensuring continued competitiveness through tariffs, taxation, and industrial infrastructure. Pankaj Mohindroo, Chairman of the India Cellular and Electronics Association (ICEA), highlighted the need to maintain competitiveness in the global market to achieve the target of $50 billion in exports by 2026-27.
