October 9, 2023
Mobile phone exports from India nearly doubled to reach US$ 5.5 billion, approximately INR 45,700 crore by August in FY24
Phone exports from India during the period from April to August 2023 amounted to approximately US$ 3 billion, or around INR 24,850 crore
India is making significant progress towards becoming a favoured destination for Global Value Chains (GVCs)
The government anticipates that mobile phone manufacturers will export devices worth INR 1 trillion this year
Mobile phone exports from India nearly doubled to reach US$ 5.5 billion, approximately INR 45,700 crore, by August in FY24, according to estimates from the industry body ICEA.
ICEA reported that mobile phone exports from India during the period April to August 2023 amounted to approximately US$ 3 billion, or around INR 24,850 crore. Apple alone exported mobile phones worth more than INR 23,000 crore, constituting slightly over half of the total exports.
Commenting on the overall growth in mobile phone exports, experts noted that India was defying the global trend of subdued trade by achieving an impressive growth rate of over 80%. They further mentioned that India is making significant progress towards becoming a favored destination for Global Value Chains.
As per ICEA’s projections, mobile phone exports from India are expected to double, surpassing INR 90,000 crore, which is approximately US$ 11.12 billion, in the financial year 2022-23, up from INR 45,000 crore in FY22.
The government anticipates that mobile phone manufacturers will export devices worth INR 1 trillion this year. Furthermore, the government has set an ambitious target of achieving US$ 300 billion in electronics manufacturing by 2025-26, with US$ 120 billion expected to come from exports. Mobile phones are anticipated to contribute more than US$ 50 billion in exports by 2025-26.
Source: Economic Times