Powered by iPhone exports, electronics become India's fifth largest export

India's electronics exports have surged to become the country's fifth-largest export category, reaching US$ 29.1 billion in FY24, surpassing drugs and pharmaceuticals. This growth is primarily driven by a 24% increase, with mobile phone exports playing a significant role, particularly those from Apple. Apple's iPhone exports doubled from US$ 5 billion in FY23 to over US$ 10 billion in FY24, contributing to 35% of India's entire electronics export basket.

The smartphone production-linked incentive scheme has propelled electronics exports from the seventh to the fifth position. Moreover, electronics exports are closing in on organic and inorganic chemicals, the fourth-largest export, with a narrow gap of just US$ 300 million. With current trends, electronics exports could potentially become India's third-largest export by 2026, unless other sectors outperform significantly.

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