Riding on the local manufacturing growth, mobile phone exports from the country have surpassed $9 billion (more than Rs 75,000 crore) from April to November in the current fiscal year, industry data showed on Sunday.
This stupendous growth is compared to $6.2 billion (Over Rs 50,000 crore) during the same period last year, according to the India Cellular and Electronics Association (ICEA).
Led by Apple, India is set to cross $15 billion (over Rs 1,24,000 crore) in mobile phone exports in the current fiscal year, posting a growth of 35 per cent over the last fiscal year.
The country is now the second-biggest manufacturing hub for mobile phones due to heavy investment from original equipment manufacturers, original design manufacturers and companies dealing in components and parts.
“The mobile phone export juggernaut continues, riding on the tremendous growth in mobile phone exports, which have crossed Rs. 75,000 crore during April-November of the current fiscal year. Overall electronics exports have also grown by 28 per cent to Rs. 1,46,584 crore,” said the industry’s apex body.
During FY2022-23, out of $23.6 billion of electronics exports, the share of mobile phones accounted for $11.1 billion. Whereas, out of the projected $26 billion in electronics exports, mobile phones are expected to reach $15 billion in FY23-24.
“This year, the mobile phone exports are anticipated to account for about 58 per cent of the overall electronics exports in FY23-24, compared to around 47 per cent in the previous fiscal year,” the ICEA informed.
Apple is aiming to manufacture more than 50 million iPhones in India per year, as it aims to shift some of the production out from China. The tech giant aims to achieve the target within the next two to three years, with additional tens of millions of units planned after that, according to reports.
From Apple to Foxconn, the companies are aiming to leverage domestic capabilities to achieve supply chain diversification and scale up production by manufacturing in the country.