Electronics exports propelled by mobile show sharpest surge in top 10 club
In the fiscal year 2022-23, electronic goods exports experienced a notable surge, exhibiting a robust 24% increase from April to November compared to the corresponding timeframe in the previous fiscal year. This substantial growth, the highest among India's top 10 export categories, was primarily propelled by mobile exports facilitated by the Production Linked Incentive (PLI) scheme. Consequently, electronics ascended from the sixth to the fifth position within the top 10 exports. As of November, electronics exports reached a value of US$ 17.7 billion, marking a significant uptick from the previous year's figure of US$ 14.4 billion during the same period, thereby narrowing the gap with the fourth position—currently held by drugs and pharmaceuticals at US$ 17.9 billion to a mere US$ 200 million. This reduction in the gap from the earlier figure of US$ 1.3 billion in 2022 indicates the burgeoning success of the electronic goods export sector.
The Ministry of Commerce & Industry's released data emphasises that mobile exports constitute the largest product category within electronics exports and contribute to nearly 90% of the US$ 3.3 billion increase in electronics exports. This underscores the pivotal role of mobile exports, particularly under the PLI scheme, in driving the overall positive trajectory of electronic goods exports.
This remarkable performance positions the electronic goods sector as a key contributor to India's export landscape, reflecting the effectiveness of strategic initiatives and incentives implemented by the government.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.