Smartphone PLI Fuels $19.1B Electronics Exports during April-October 2024, marking a 24% increase from $15.4 billion in the same period last year. The smartphone production-linked incentive (PLI) scheme has been the driving force behind this unprecedented growth, transforming India’s electronics export landscape.
How smartphone PLI fuels $19.1B in exports
The smartphone PLI scheme has played a crucial role in boosting India’s electronics exports. October 2024 alone saw electronics exports reach $3.4 billion, reflecting a 45% year-on-year surge. Smartphones accounted for 55% of these exports, further solidifying their role as a key growth driver.
Smartphone PLI fuels $19.1B with iPhone exports
A standout contributor has been Apple’s iPhones, representing 66% of smartphone exports and contributing 37% to total electronics exports. This success showcases how the PLI scheme has elevated premium smartphone manufacturing, establishing India as a critical hub in global electronics production.
Smartphone PLI elevates electronics to top three exports
Electronics exports have climbed to become India’s third-largest export category by October 2024, surpassing sectors like gems and jewellery, pharmaceuticals, and chemicals. This surge highlights the sector’s rapid growth and its strategic importance in India’s export portfolio.
Smartphone PLI fuels $19.1B: A glimpse into the future
The success of the smartphone PLI scheme has laid a strong foundation for the future of India’s electronics sector. The sector is poised for continued growth with exports steadily rising and narrowing the gap between petroleum and engineering goods. It signals India’s potential to become a global leader in electronics manufacturing and trade.
India’s focus on such transformative initiatives demonstrates its commitment to strengthening the economy through innovation and high-value exports.
Smartphone PLI’s role in India’s economic growth
The success of the smartphone PLI scheme in fueling $19.1 billion in electronics exports underscores India’s potential as a global electronics manufacturing hub. With consistent growth, the sector is poised to contribute significantly to India’s economic trajectory, driving innovation, employment, and international trade competitiveness in the years ahead.
