Electronics exports soar 28% in Apr-Nov of FY25, led by smartphone surge
- IBEF
- December 26, 2024
Electronics exports from India have surged to US$ 22.5 billion in the first eight months of FY25, marking a nearly 28% increase from US$ 17.66 billion during the same period in FY24. This growth positions electronics as the fastest-growing sector among India’s top ten exports, moving from sixth to third place, behind only engineering goods and petroleum. The significant increase can be attributed to the smartphone production linked incentive (PLI) scheme, which has driven smartphone exports to US$ 13.11 billion, a remarkable 45% rise from US$ 9.07 billion in FY24. Smartphones now account for 58% of total electronics exports, with expectations that this share could reach 60-65% by the end of FY25.
Apple's entry into India, supported by its vendors Foxconn, Pegatron, and Tata Electronics, has boosted smartphone exports, contributing nearly 40% to overall electronics exports this year. Other notable categories include solar modules, desktops, and routers. The India Cellular and Electronics Association (ICEA) emphasizes the need for tariff and logistics reforms to maintain competitiveness against countries like China and Vietnam. Notably, electronics exports are approaching half of petroleum exports, significantly improving from previous years. As smartphone exports to the US have surpassed diamonds, the government is reviewing tariff structures to enhance domestic manufacturing and support an export-led growth model.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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