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Apple and Samsung front runners to boost India’s mobile phone exports
Industry News- Mar 08,24
India’s mobile phone exports are expected to cross Rs 1.2 trillion at the end of this financial year
NEW DELHI : India’s mobile phone exports are expected to cross Rs 1.2 trillion at the end of this financial year, reaching a major milestone propelled by the government’s thrust on phone makers such as Apple and Samsung to manufacture locally.
The exports would account for nearly one-third of the total domestic production of mobile phones, projected at about Rs 4.1 trillion in FY24, the Indian Cellular and Electronics Association said on 7th March, 2024.
According to industry observers, a majority of the mobile phone exports by value are on account of Apple and Samsung devices.
“Cumulative exports of mobile phones during the period 2014-2024 reached a total estimate of Rs 3.22 trillion—a new era in India’s exports," said the association, which represents major phone makers including Apple, Xiaomi, Oppo and Vivo. “Mobile phones have now become India’s fifth-largest export as an individual commodity."
India’s mobile phone manufacturing industry is estimated to have produced about 2.45 billion devices worth Rs 19.45 trillion cumulatively over the past 10 years, a shade below its target of 2.5 billion phones worth about Rs 20 trillion, the association said.
India, the world’s second-largest producer of mobile phones behind China, exported mobile phones worth $11 billion, or about Rs 90,955 crore, in FY23, with total domestic production at $44 billion, or Rs 3.6 trillion.
“The sector has transitioned from being 78 per cent import dependent in 2014 to 97 per cent self-sufficiency currently. The future would be export growth-led," the association said.
Prime Minister Narendra Modi had during his Independence Day speech in 2014 urged global companies to manufacture in India. Over the past decade, a number of mobile phone manufacturing units have come up in the country, including that of the world’s largest contract manufacturer Foxconn Technology Group, which is also the largest maker of Apple’s iPhones globally.
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