Today: 11 July 2025
21 June 2023
1 min read

India set to cross Rs 120,000 cr in mobile exports

The country surpassed a remarkable Rs 90,000 crore worth smartphone exports in the fiscal year 2022-2023….reports Asian Lite News

Buoyed by friendly government policies and production-linked incentive (PLI) scheme, India is set to cross Rs 1,20,000 crore in mobile exports in the current fiscal year (FY24), driven by tech giant Apple, the top electronics industry body told IANS on Tuesday.

The country surpassed a remarkable Rs 90,000 crore worth smartphone exports in the fiscal year 2022-2023.

According to the India Cellular and Electronics Association (ICEA), the mobile phone exports have already registered a massive 128 per cent growth in the months of April-May this year.

“Mobile phone exports growth in 2023-24 have bucked the trend of falling exports with a growth of 128 per cent in the first two months of 2023-24,” Pankaj Mohindroo, Chairman, ICEA, told IANS.

“We are confident of crossing Rs 120,000 crore in this financial year compared to Rs 90,000 crore in the last financial year which was a phenomenal 90 per cent growth,” Mohindroo added.

Amid this stupendous growth in the mobile exports, Apple’s share is set to exceed 50 per cent in FY24, according to the ICEA.

In May, iPhone exports reached a record Rs 10,000 crore, pushing the total mobile shipments from the country to Rs 12,000 crore.

The top five global destinations India currently exports mobile phones to are the UAE, the US, the Netherlands, the UK and Italy.

“The mobile phone industry will cross $40 billion manufacturing output,” according to Mohindroo.

More than 97 per cent of the smartphones sold in India are now being produced locally. India is now the second largest mobile phone manufacturer in the world.

The country is now moving in a different direction, “which is largely export-focused and led by the government’s PLI push”.

According to estimates, India and Vietnam are set to become the biggest beneficiaries of smartphone supply chain migration out of China.

ALSO READ: ‘Rs 2000 notes withdrawal to boost macroeconomic parameters’

Previous Story

Celebrating 50 years of first-ever Cricket World Cup

Next Story

Plan for a wellness vacation

Latest from Business

Apple Appoints Sabih Khan as New COO

Khan will take over from Jeff Williams, who is stepping down from the role this month and will retire later this year…reports Asian Lite News Apple has announced that Sabih Khan, an

Northeast Is Growth Engine

Scindia also provided updates on the government’s efforts to facilitate the entry of SpaceX’s Starlink service into India. “All due diligence from the Ministry’s side is complete Union Minister for Communications and

India to Empower Global South

India is emerging as a pivotal force in the global transition to clean energy, with Union Minister for New and Renewable Energy, Pralhad Joshi, asserting that the country is empowering the Global

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding

Qatar Debut For Tata

Tata Motors emphasised that its international offerings are backed by strong research and development capabilities, with vehicles that are thoroughly tested and adapted to local conditions Tata Motors has unveiled its all-new
Go toTop

Don't Miss

PM’s virtual rally in Goa cancelled in wake of Lata’s demise

Centre has decided to give a state funeral and observe

Vidyut Raises $10M for EV Expansion

Founded in 2021, the startup said it aims to expand