Photo Source: ANI
Indian smartphone export likely crossed over Rs 82,000 Cr in FY 2022-2023
New Delhi, April 2, 2023 (ANI): Indian smartphone export is likely to have crossed USD 10 billion (over Rs 82,000 crore) in the previous financial year 2023, according to the new industry data.
Apple's 'Make in India' smartphones now constitute 50 percent of total exports, followed by Samsung with 40 percent of mobile exports and other smartphone players constituting the remaining 10 percent of the export share, the Asian Lite reported.
India is going strong in its electronics manufacturing sector and making a mark globally. Smartphone manufacturing is something the government is very keenly focussing on.
The Telecom industry is on the government's priority list. India is now being preferred by Global manufacturing giants. Recently, Samsung opened the world's largest phone manufacturing unit in India.
Other major global giants like Apple have moved significant units in the country too. Global enterprises like Oppo, Vivo, Xiaomi, and Lava have also set up their bases and expanded operationally in India, the Asian Lite reported.
"The mobile phone industry will cross USD 40 billion manufacturing output and 25 percent exports at USD 10 billion is a stellar performance," stated Pankaj Mohindroo, Chairman of ICEA.
Smartphone exports from India have doubled from a corresponding period from last fiscal year, driven by production-linked incentive (PLI) schemes.
The top five global destinations India currently exports mobile phones to are the UAE, the US, the Netherlands, the UK and Italy, according to the ICEA data. India has more than 260 units manufacturing mobile phones and accessories now, with only two units operational in 2014.
Thus, India has come a long way in the mobile manufacturing sector. This is one industry where the 'Make in India' drive has worked on the ground, the Asian Lite reported citing NewsonAir.
The country has witnessed a splendid growth rate in mobile phone manufacturing, charting a global success story. In Budget 2023, it was revealed that mobile phone production in the country increased from 5.8 crore units valued at about Rs 18,900 crore in 2014-15 to 31 crore units valued at over Rs 2,75,000 crore in the last financial year.
With this, the custom duty of 2.5 percent on the import of certain parts and inputs like camera lens were waived off in this Budget. The relief has been extended to further reduce input costs, deepen value addition, promote export competitiveness and boost domestic manufacturing.
India's mobile exports were close to 'zero' in 2015 and reached a mark of Rs 27,000 crore in 2019-20. The real game-changer has been the PLI Scheme.
According to IT Ministry, mobile phone manufacturing saw a 66 per cent rise to Rs 45,000 crore within the first year of the roll-out of the scheme in April 2020.
"Due to the Production Linked Incentive (PLI) Scheme, India is currently one of the fastest-growing mobile phone manufacturers in the world and has emerged as the second-largest manufacturer of mobile handsets in the world in volume terms," India's IT Minister Rajeev Chandrasekhar had said earlier. (ANI)