The government has launched several measures including pushing local manufacturing of consumer electronics items to meet its export target and help surpass Rs. 85,000 in mobile exports in the fiscal year, according to a report by IANS.
Updated on 04/08/2023 | 1:34 p.m. IST
In line with the government’s vision to boost exports, India booked 23 shipments worth Rs 85,000 crore in the fiscal year, according to a report.
The government has launched several measures including the push for local manufacturing of consumer electronics items to meet its export target and help to surpass over Rs 85,000 in mobile exports in the fiscal year, the IANS report said.
The government has set a target of reaching Rs. 1 billion worth of mobile phone exports by 2023.
Prime Minister Narendra Modi’s vision for 2023 is to export mobile phones, with the segment being among the top 10 export categories from India, Minister of State for Electronics and IT Rajeev Chandrasekhar said recently.
Buoyed by attractive government incentives for local manufacturing, India topped a remarkable $10 billion worth of smartphone exports in fiscal year 2022-2023, according to data provided by the India Cellular and Electronics Association (ICEA) IANS. Smartphone exports from India have doubled from a corresponding period last fiscal year, driven by Production Linked Incentive (PLI) schemes.
According to ICEA data, the top five global destinations to which India currently exports mobile phones are the United Arab Emirates, the United States, the Netherlands, the United Kingdom and Italy.
India is now the second largest mobile phone manufacturer in the world. More than 97 percent of the smartphones sold in India are now produced locally.
India is expected to produce 45-50 percent of Apple’s iPhones by 2027, on par with China, which produced 80-85 percent of iPhones in 2022. It is estimated that India and Vietnam will become the biggest beneficiaries of the smartphone supply chain due to emigration from China.
India accounted for 10-15 percent of the total iPhone production capacity at the end of 2022. Apple became the first smartphone player in India, exporting $1 billion worth of iPhones in December. iPhones 12, 13, 14 and 14 Plus are currently manufactured in the country.
The country is now moving in a different direction, “which is largely export-oriented and guided by the government’s performance-based system (PLI) Pusha.