 "Trade, exports, imports")
Led by locally-manufactured mobile phones, India's electronics industry saw a record exports of electronic goods at an estimated Rs 1,85,000 crore in FY22-23A - compared to Rs 1,16,936 crore in FY21-22 - marking a whopping 58 per cent increase, the the India Cellular and Electronics Association (ICEA) said on Wednesday.
The mobile phone exports made history by crossing the $10 billion threshold for the first time in any fiscal year, reaching an estimated $ 11.12 billion (over Rs 90,000 crore) in FY23.
Mobile phone exports rose from Rs 45,000 crore in FY 21-22 to Rs 90,000 crore, surpassing the previous estimate of Rs 75,000 crore.
Mobile phone exports now account for 46 per cent of the overall electronic goods exports, underlining the vital role of this sector in India's electronics export market.
This growth has been primarily driven by the Apple ecosystem, which alone crossed a record $5 billion in exports from India in FY23.
Top exporting destinations for mobile phones include the UAE, the US, the Netherlands, the UK, and Italy.
More From This Section
"The mobile phone export juggernaut continues. It is extremely satisfying that we have crossed the targeted figure of 75,000 crores for the year. Industry and government in partnership are strenuously working on replicating this in other verticals," said Pankaj Mohindroo, Chairman, ICEA.
"We must remain focused on the road ahead and continue to push the boundaries of what we can accomplish in the future," he added.
The outstanding performance of the performance-linked incentive (PLI) scheme for mobile phones serves as an inspiration for other electronic segments to emulate this success in increasing manufacturing and exports.
"By fostering a collaborative environment between the industry and the government, we can create new opportunities for growth and innovation, ultimately fulfilling the ambitious vision of $300 billion for the electronics sector by 2025-26," said Mohindroo.
Mobile phones alone are anticipated to contribute more than $50 billion worth of exports by 2025-26.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
