Indian Economy News

India to export 30% of its total smartphone production in FY24: ICEA report.

  • IBEF
  • March 8, 2024

A report by the India Cellular and Electronics Association (ICEA) reveals that India is poised to export approximately 30% of its total smartphone production in the fiscal year 2024. This growth is attributed to the substantial increase in locally made smartphones, accounting for 97% of sales in India. Mr. Pankaj Mohindroo, ICEA Chairman, emphasizes the pivotal role of electronics manufacturing, particularly mobile production, in driving India's GDP to double by 2030. From 2014 through 2024, the sector achieved a cumulative smartphone production of US$ 240.7 billion (Rs. 20 lakh crore), with 2.45 billion units manufactured. Mobile phones have emerged as India's 5th largest export commodity, with exports projected to reach US$ 14.44 billion (Rs 1.2 lakh crore) by FY24, signifying a remarkable 7,500% increase over a decade. Mr. Mohindroo underscores the importance of shifting global electronics value chains to India to foster large-scale manufacturing and domestic value addition, facilitated by initiatives like Production-Linked Incentives (PLI) introduced in 2020 by the government.

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