India second-largest phone manufacturer globally, shows government data
- IBEF
- July 26, 2022
According to government data, India became the second-largest mobile phone producer in the world after increasing output by 126% between FY21-22.
Sixteen companies, including 10 that make mobile phones and 6 that make electronic components, have receive approval under the PLI Scheme for Large Scale Electronics Manufacturing.
According to the ratings agency Crisil, India is expected to create devices worth Rs. 4-4.5 trillion (US$ 50.14-56.4 billion) between FY22-24, driven by the production linked incentive (PLI) scheme, which is in its second year for the majority of enterprises.
India's mobile exports increased by 56% YoY in FY22 because of the phased manufacturing programme and PLI scheme. Over FY23 and FY24, exports are anticipated to increase further and reach Rs 1-1.2 trillion (US$ 12.53-15 billion).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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