Indian Economy News

India set to export mobile phones worth US$ 9 billion in FY23: Report

  • IBEF
  • December 7, 2022

According to the India Cellular and Electronics Association (ICEA), total manufacturing of electronic products is expected to rise by US$ 300 billion in FY26 from US$ 87 billion in FY22. India’s mobile phones’ export nearly doubled from US$ 2.2 billion in FY21 to more than US$ 5 billion in FY22. The major push was resulted by industry leaders, Apple and Samsung, that accounted for more than half of the total production of mobile phones in India. The previous Foreign Direct Investment (FDI) of the last 3 fiscal years has encouraged states to compete to attract investments that further result in economic prosperity have incentivised states to participate in making India a global manufacturing hub, said Mr. Rajeev Chandrasekhar, Minister of state for electronics and IT.

According to the report, the government spent US$ 5 billion (Rs 41,000 crore) on Production-Linked Scheme for manufacturing smartphones. Currently, in Tamilnadu, Foxconn and Pegatron manufactures iPhones. Karnataka has the base for Wistron, another iPhone maker. Uttar Pradesh has the base for Samsung.

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

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