Today: 8 May 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

Six OMCs Pump ₹290 Cr into Startups

The Union Minister said the country continues to stand as the world’s third-largest startup ecosystem….reports Asian Lite News Six oil marketing companies (OMC) in India have invested Rs 290 crore from their

India Dominates Global Digital Banking List

Indian banks have observed the most notable gains in day-to-day banking (+9.8 pp) and expanding relationships (+3.4 pp)….reports Asian Lite News As many as 9 Indian banks have been recognised as ‘Digital
Go toTop

Don't Miss

India, UAE target $250 bn in bilateral trade

A UAE delegation will pay a visit to India from

Investing in India’s Health and Wellness Sector for High Returns

The domestic travel market in India has been a key