The Government of India’s push towards local manufacturing of consumer electronics items has helped India cross record mobile phones exports of more than US $ 10 billion in the fiscal year ending March 31, 2023.
Buoyed by attractive government incentives towards local manufacturing, India surpassed a remarkable US $10 billion worth smartphone exports in the fiscal year 2022-2023, according to the data provided by the India Cellular and Electronics Association (ICEA). The top five global destinations for export of mobile phones from India are the UAE, the US, the Netherlands, the UK and Italy.
India is now the second largest mobile phone manufacturer in the world. Minister of State for Electronics and IT, Rajeev Chandrasekhar, has expressed hope that the year 2023 will be a milestone as the country will cross US $ 12 billion in mobile phone exports this year.
Mr. Pankaj Mohindroo, Chairman of ICEA informed that the mobile phone industry of India will cross US $ 40 billion manufacturing output and 25 per cent exports at US $10 billion as a stellar performance.
India is likely to produce 45-50 per cent of Apple's iPhones by 2027, at par with China, where 80-85 per cent of iPhones were produced in 2022. According to estimates, India is to become the biggest beneficiaries of smartphone supply chain migration out of China.
India accounted for 10-15 per cent of iPhones' overall production capacity at the end of 2022. Apple became the first smartphone player in India to have exported US $1 billion worth iPhones in the month of December 2022. It currently manufactures iPhones 12, 13, 14 and 14 Plus in India. The country is now moving in a different direction, which is largely export-focused and led by the government's performance-linked scheme (PLI) push.
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