India expected to export worth $9 Bn mobile phones in FY23
By MYBRANDBOOK
India will likely export mobile phones worth $9 billion in the current financial year, a jump from $5.8 billion in FY22. The major push in phone manufacturing has been provided by Samsung and Apple, which together account for half of the phones manufactured in India.
According to industry body India Cellular and Electronics Association (ICEA) data, total electronics manufacturing in India will rise to $300 billion by FY26. From $87 billion in FY22, the total manufacturing of electronics will be at $100 billion.
Rajeev Chandrasekhar, Minister of state for electronics and IT, said, “Early on in 2021, we sat with the industry and worked out this $300 billion roadmap...One of the key things of the target was significantly expanding exports to go from the current $18-20 billion to $120 billion by FY26. This fiscal, mobile phone exports are expected to reach $9 billion.”
Out of the total, phone exports have already crossed the $5 billion mark, nearly twice more than last year’s $2.2 billion. In 2020, the government had launched the Rs 41,000 crore Production-linked Incentive (PLI) scheme for smartphone manufacturing.
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