Made in India phones are making a splash across the world, China and Vietnam are out of luck - Newztezz - Latest News Today, Breaking News, Top News Headlines, Latest Sports News


Tuesday, July 2, 2024

Made in India phones are making a splash across the world, China and Vietnam are out of luck

A report has come out regarding mobile exports, which states that Made in India smartphones have created a buzz all over the world. India's smartphones have left China and Vietnam behind in terms of exports and the world is increasingly looking towards India for smartphone exports.

Made in India smartphones are making waves all over the world, which has left China and Vietnam in a quandary. In fact, India has overtaken China in terms of mobile phone exports. People all over the world are liking Made in India smartphones a lot. Recently, a report from the International Trade Center has come out, which states that India has overtaken China and Vietnam in smartphone exports.

The world is increasingly looking towards India for smartphone exports. If we talk about the figures, India's mobile exports have been more than 40 percent in 2024. While mobile exports in China have fallen by 2.78 percent, mobile exports in Vietnam have fallen by 17.6%.

The air is tight between China and Vietnam

Both China and Vietnam are at the top in terms of mobile exports in the world. Both of them had maintained their dominance in the mobile export market. But now India is rapidly ending the dominance of China and Vietnam. India has recovered almost 50% of the loss in mobile phone exports from China and Vietnam. It is clear from this that the objective of gaining a large share of the shift in the supply chain from China has been achieved.

Benefited from this scheme of the government

If India has been able to overtake a country like China in mobile exports, then the PLI scheme has played a big role in it. The PLI scheme is an initiative started by the Government of India, which aims not only to encourage foreign companies to create employment in the country, but also to encourage domestic and local production to bring small employment. It is because of the PLI scheme that the world's big mobile companies Apple, Vivo, Xiaomi and Samsung are producing smartphones locally.

According to data from the International Trade Center (ITC), Chinese exports of mobile phones fell from $136.3 billion in FY 2023 to $132.5 billion in FY 2024. There was a decline of $3.8 billion or 2.8%. Similarly, Vietnam has also seen a decline in mobile exports. It fell from $31.9 billion in FY 2023 to $26.27 billion in FY 2024. That is, the total exports declined by 17.6% or $5.6 billion. The total exports of both the countries stood at $9.4 billion.

Apple doubles production and exports from India

Officials claim that the smartphone PLI scheme has been a success. iPhone maker Apple started producing iPhones in the country under the scheme. Its three major iPhone vendors Foxconn, Pegatron and Wistron have set up their plants in India after the launch of the scheme. Apple has doubled production and exports from India in the last two financial years. The company's production grew from $7 billion in FY23 to $14 billion in FY24. Its exports grew from $5 billion to over $10 billion during this period. iPhones account for 65% of India's mobile exports and more than a third of electronics exports.

Samsung also made profit

According to the information, like Apple, companies like Samsung will also start exporting mobiles in large quantities from India. The South Korean giant is also a beneficiary of the PLI scheme and its mobile phone exports from India in FY24 were around $3.5 billion. This was about one-third of Apple's exports. Samsung is currently the largest exporter of mobile phones from Vietnam. According to a report, Samsung had invested $20 billion in Vietnam by the end of 2023. Currently, more than 50% of Samsung products sold worldwide are made in Vietnam.

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