Indian Economy News

Electronics exports grow at record 22% in April-December

  • IBEF
  • January 22, 2024

In the first nine months of FY24, India's electronics exports experienced a remarkable growth of 22.24%, surpassing the US$ 20 billion milestone. The surge was primarily driven by a robust increase in smartphone shipments, notably led by Apple's iPhone. According to the India Cellular and Electronics Association (ICEA), mobile phone exports accounted for US$ 10.5 billion, constituting 52% of the total electronics exports from April to December 2023. In comparison, electronics exports in FY23 amounted to US$ 23.6 billion, with mobile phones contributing US$ 11.1 billion, equivalent to 43%.

Notably, iPhones emerged as a key catalyst for the substantial growth in electronics and mobile exports during the current fiscal year. The contribution of iPhone exports, surpassing US$ 7 billion in December 2023, represented 35% of total electronics exports and an impressive 70% of the nation's overall mobile exports in the nine months leading to December.

Government data highlights that electronics exports witnessed the fastest growth among the top 10 export categories in the current fiscal, elevating the sector to the fifth position from its sixth-place ranking last year. The ascent of electronics in export rankings is a notable shift, as it was previously ranked ninth. The introduction of the smartphone production-linked incentive (PLI) scheme in 2021 has significantly accelerated the export momentum in the electronics sector. This data underscores the thriving success of India's electronics exports, particularly in mobile devices, and positions the country as a formidable player in the global electronics market.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.