In the current fiscal year, mobile phone exports from India have experienced a significant surge, nearly doubling to reach $5.5 billion or approximately Rs 45,700 crore by August, as per estimates provided by industry body ICEA. During the period between April and August 2023 alone, India exported mobile phones amounting to around $3 billion, equivalent to about Rs 24,850 crore. Notably, Apple emerged as a major contributor, exporting mobile phones valued at over Rs 23,000 crore, constituting slightly over half of the total exports.

ICEA Chairman Pankaj Mohindroo, while addressing this remarkable growth, highlighted that India's mobile phone exports have defied the subdued global trade patterns by growing exponentially at a rate exceeding 80%. He emphasised India's ongoing efforts to establish itself as a preferred destination for Global Value Chains (GVCs), indicating positive progress in this direction.

According to ICEA's projections, mobile phone exports from India are expected to surpass Rs 90,000 crore, which translates to approximately $11.12 billion, in the financial year 2022-23. This significant increase reflects a notable jump from Rs 45,000 crore in the previous fiscal year, FY22.

The Indian government has set an ambitious target of achieving $300 billion in electronics manufacturing by the fiscal year 2025-26, with exports contributing $120 billion to this goal. Mobile phones are anticipated to play a significant role, contributing more than $50 billion to the export target by 2025-26.

Source: Business Standard