Mobile phone exports to almost double till August in FY24 from India: ICEA
By MYBRANDBOOK
As per the estimates of industry body ICEA, the mobile phone exports from India have almost doubled to $5.5 billion, about Rs 45,700 crore, till August this financial year.
Between April-August 2023, the mobile phone exports from India were around $ 3 billion, about Rs 24,850 crore, said ICEA. A source said, with Apple exported mobile phones worth more than Rs 23,000 crore, thereby accounting for a little over half of the total export.
ICEA Chairman Pankaj Mohindroo told a news source that mobile phone exports from India continue to buck the overall trend of muted global trade by registering a massive growth of more than 80 percent.
"India continues to strive hard to be a preferred location for GVCs. It is work in progress but the trend is positive," Mohindroo said.
According to ICEA estimates, mobile phone exports from India have doubled to surpass Rs 90,000 crore, about $ 11.12 billion, in the financial year (FY) 2022-23, from Rs 45,000 crore in FY22.
It is expected by the government that the mobile phone players will export devices worth Rs 1 trillion this year.
A target has been set by the government to achieve $300 billion worth of electronics manufacturing by 2025-26, with $120 billion expected to come from exports. Mobile phones are anticipated to contribute more than $ 50 billion worth of exports by 2025-26.
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