India's smartphone exports breached Rs 20K crore mark in November
- IBEF
- December 16, 2024
In November 2024, India achieved a historic milestone in smartphone exports, surpassing the Rs. 20,000 crore (US$ 2.39 billion) mark for the first time in a single month. The total exports reached Rs. 20,395 crore (US$ 2.44 billion), reflecting an impressive 92% increase compared to Rs. 10,634 crore (US$ 1.27 billion) in November 2023. Apple iPhones led the exports, contributing Rs. 14,000 crore (US$ 1.67 billion), while Samsung also played a significant role. This achievement marks a notable shift for Apple, as it exported over 80% of the iPhones produced in India, exceeding its commitment under the production-linked incentive (PLI) scheme to export 70-75% of its production value for FY25. The success of Foxconn’s iPhone factory in Tamil Nadu and Tata Electronics in Karnataka were pivotal in driving these exports.
The smartphone PLI scheme has proven the most effective among various initiatives, elevating smartphones from the 23rd-ranked export in 2019 to today's third-largest commodity export. Electronics exports have similarly surged, moving from seventh place in 2019 to third in FY25. According to the India Cellular & Electronics Association, the PLI scheme has resulted in a total disbursement of Rs. 5,800 crore (US$ 0.69 billion) from 2021 to 2024, generating Rs. 1.1 trillion (US$ 13.14 billion) in incremental goods and services tax. Additionally, the scheme has created approximately 300,000 direct and 600,000 indirect jobs, predominantly filled by young women entering the workforce for the first time. The industry has contributed Rs. 2.87 trillion (US$ 34.29 billion) in exports during the four years following the implementation of the PLI scheme.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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