Indian Economy News

Mobile phone manufacturing jumps 21 times to US$ 49.3 billion (Rs. 4.1 lakh crore) in 10 years: ICEA

  • IBEF
  • March 11, 2024

In the past decade, India's mobile phone manufacturing sector has experienced a remarkable 21-fold increase in value, reaching US$ 49.3 billion (Rs. 4.1 lakh crore). Government initiatives, particularly the Production Linked Incentive (PLI) scheme, have attracted global players and significantly boosted local production. India now fulfils 97% of its mobile phone demand domestically, with 30% of the production in the financial year 2024 slated for export, marking a substantial shift towards global market participation. Mobile phone exports are projected to reach US$ 14.4 billion (Rs. 1.2 lakh crore) by FY24, showcasing a phenomenal 7500% growth over the decade.

Key players such as Apple and Samsung have played a crucial role in driving mobile phone exports from India, particularly in the smartphone segment. The country's robust export growth is attributed to the government's Phased Manufacturing Programme and the Production Linked Incentive scheme, attracting global contract manufacturers like Foxconn, Pegatron, Rising Star, and Wistron. The collaborative efforts between industry stakeholders and key government ministries have fostered a conducive policy environment, leading to India's second-largest mobile phone producer globally and positioning mobile phones as the nation's 5th largest export commodity.

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