India Becomes Second Largest Mobile Phone Manufacturer, Records Highest-Ever Exports
India has achieved a remarkable milestone in mobile phone exports, crossing $10 billion in the fiscal year 2022-23, according to the India Cellular and Electronics Association (ICEA). The Indian government’s push towards domestic production of consumer electronics has played a crucial role in helping the country achieve its highest-ever mobile phone exports. The mobile phone industry has doubled smartphone exports from the last fiscal year, thanks to production-linked incentive schemes.
ICEA data shows that the top five global destinations for Indian mobile phone exports are the UAE, the US, the Netherlands, the UK, and Italy. India is now the world’s second-largest mobile phone manufacturer, with over 97% of smartphones sold in the country produced locally. The government’s performance-linked scheme (PLI) push has contributed to 25% exports worth $10 billion, a significant achievement, according to Pankaj Mohindroo, Chairman of ICEA.
Rajeev Chandrasekhar, Minister of State for Electronics and IT, has predicted that India will likely cross Rs 1 lakh crore in mobile phone exports this year. Apple has also made significant strides in India, becoming the first smartphone player in the country to export $1 billion worth of iPhones in December 2022. India is expected to produce 45-50% of Apple’s iPhones by 2027, similar to China, which produced 80-85% of iPhones in 2022.
Moreover, India and Vietnam are set to become the largest beneficiaries of smartphone supply chain migration from China. The country’s mobile phone industry is moving in a different direction, focused mainly on exports, as per the government’s PLI push. India’s mobile phone industry is predicted to reach $40 billion in manufacturing output, and the stellar performance of 25% exports worth $10 billion is a significant milestone. India’s mobile phone export success is a testimony to the government’s efforts to encourage domestic manufacturing and foreign investment and will contribute to employment opportunities and the country’s economic growth.