Electronics exports grew a whopping 50% in FY23; may overtake drugs, pharma

Smartphones alone accounted for 23% of the rise

A surge in electronics exports, including smartphones, accounted for a massive 31 per cent of the rise in India’s merchandising exports in FY23 over the previous year, in value terms based on the Commerce Ministry’s latest figures.

Merchandise exports increased by $25 billion, hitting $447 billion in FY23 over $422 billion in the previous year. Of this, the increase in smartphones and Apple iPhone exports alone contributed 23 per cent and 15 per cent respectively.

The growing importance of electronics exports can also be reflected in the fact that it has now overtaken readymade garments (RMG) of all textiles, occupying