India’s smartphone exports have hit a record ₹1.5 lakh crore during the April-January period, exceeding the ₹1.31 lakh crore milestone recorded in the previous financial year, a major milestone in the country’s electronics manufacturing. Government incentives, local production, and global demand are among the main reasons for this growing demand for electric vehicles.
Key Highlights:
- Record Export Value: India’s smartphone exports have crossed ₹1.5 lakh crore in FY2024, reflecting a 31% increase from ₹1.29 lakh crore in the previous fiscal year
- Initiatives: Policies like the Production-Linked Incentive (PLI) scheme have played a crucial role in driving this expansion.
- Major Contributors: Apple continues to dominate, accounting for nearly 70% of exports, with Samsung and homegrown Padget Electronics making up the remaining share.
- Global Competitiveness: India is emerging as a key player in the worldwide smartphone supply chain.
Union Minister for Electronics and IT(MeitY), Ashwini Vaishnaw, expects exports to hit $20 billion (₹1.68 lakh crore) by the end of FY25.
Government Support Fuels Growth
PLI has incentivized large-scale manufacturing and attracted major companies to set up production facilities in the country. This has not only boosted exports but also strengthened India’s position as a global manufacturing hub.
Rising Global Demand
With increasing demand for smartphones worldwide, Indian manufacturers are scaling up production to meet international market needs. Improved local supply chains and infrastructure have further contributed to the sector’s rapid growth.
Future Outlook
Experts believe that with continued investment in technology, infrastructure, and policy support, India’s smartphone exports will continue to grow in the coming years. The country is well on its way to becoming a dominant force in global electronics manufacturing.
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