 "India to export 30% of its total smartphone production in FY24: ICEA report")
India is set to export around 30 per cent of its total smartphone production in the financial year 2024, according to a report by the India Cellular and Electronics Association (ICEA) released on Thursday.
The report, which looks at the smartphone production in India from 2014-2024, said that out of all the smartphones sold in India, 97 per cent were made locally within the country.
“It is believed that the doubling of India’s GDP from the current $3.7 trillion to $7 trillion by 2030 will be led by growth in the digital sector and trade. In both these areas, electronics manufacturing led by mobile production will play a critical role,” said Pankaj Mohindroo, Chairman, ICEA.
During the 2014-2024 period, the sector did Rs 20 lakh crore cumulative smartphone production against a target.
In terms of volume, India produced 2.45 billion units of mobile phones during this ten-year period, against a target of 2.5 billion units, according to ICEA.
On the export front, the industry body said that mobile phones have become India’s 5th largest export as an individual commodity.
Also Read
“In 2014-15, mobile phone exports from India were a mere Rs 1,556 crore. The industry expects to end FY24 with an estimated export of Rs 1.2 lakh crore. This would mean a 7,500 per cent increase in exports over a decade,” read the report.
“As a next step, we have to ensure that we can shift electronics global value chains (GVCs) to India to create large-scale manufacturing jobs and increase domestic value addition. This, in turn, requires unprecedented competitiveness and factories that can operate at a scale of the kind that has never been witnessed in India,” Mohindroo added.
According to ICEA, the introduction of Production-Linked Incentives (PLI) in 2020 has been a game-changer for the industry.