The India Cellular and Electronics Association said that mobile phone exports have already registered a whopping 128 per cent growth in the months of April-May this year.
The way India's mobile market is growing rapidly, it can be expected that soon it will be the world's biggest hub as well as exporter. Driven by tech giant Apple on the back of favorable government policies and production-linked PLI scheme, India's mobile phone exports could cross Rs 1,20,000 crore in the current fiscal, the country's top electronics industry body told news agency IANS. The India Cellular and Electronics Association said that mobile phone exports have already registered a whopping 128 per cent growth in the months of April-May this year.
Expected to rise more than 50 percent
Giving information, ICEA Chairman Pankaj Mahendru said that mobile phone export growth in FY 2023-24 has stopped the trend of decline in exports with a growth of 128 per cent in the first two months of 2023-24. Mohindroo said that we can export mobile phones worth Rs 120,000 crore in this financial year as compared to Rs 90,000 crore in the last financial year. Last year, a growth of more than 90 percent was seen. According to ICEA, Apple's share is expected to exceed 50 per cent in FY2024.
Export is happening in these countries
In May, iPhone exports had reached a record Rs 10,000 crore mark, taking the total mobile shipments from the country to Rs 12,000 crore. In the financial year 2022-2023, the country has crossed Rs 90,000 crore smartphone exports. India is currently exporting mobile phones to UAE, US, Netherlands, UK and Italy. According to Mahendru, the mobile phone industry will cross $40 billion in manufacturing production. As per estimates, India and Vietnam are set to become the biggest beneficiaries of smartphone supply chain migration from China.
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