In the ongoing fiscal year, mobile phone manufacturing in India is projected to achieve a value of US$ 50 billion, with the overall exports from this sector anticipated to reach US$ 15 billion, according to statements made by Minister for Communications, Electronics & Information Technology and Railways Mr. Ashwini Vaishnaw.
This reinforces the significance of mobile phones as the fourth-largest export category from India. The minister’s optimism extends to the broader economic landscape, as he anticipates that the country’s total exports will soon surpass the US$ 1 trillion mark.
Looking ahead, a transformative shift in India’s export landscape is envisioned. He predicts that mobile phone and electronics exports will reach the top 2 or 3 positions in the next year or two. The current top 5 exports include processed petroleum, diamonds, iron, steel, and pharmaceuticals.
Official data from the Commerce Department reveals that India consistently surpassed US$ 1 billion in smartphone exports since October 2022. In the initial six months of FY24, smartphone exports amounted to US$ 6.53 billion, compared to US$ 10.95 billion for FY23, reflecting a substantial surge.
A significant portion of these exports, constituting 62%, is attributed to Apple India. In the April-October period of FY24, iPhones worth US$ 5 billion were exported by Apple’s three vendors in India.
India’s broader electronic exports totalled US$ 15.77 billion in FY24, marking a significant shift from the previous year’s $28 billion. Minister Vaishnaw attributes the rapid growth in smartphone exports to the successful diversification of India’s export basket under the ‘Make in India’ initiative.
Expressing confidence in India’s economic trajectory, Minister Vaishnaw stated that the country is poised to achieve US$ 1 trillion worth of exports very soon. In FY23, India’s exports reached US$ 775.7 billion, with merchandise exports contributing US$ 450.4 billion and services accounting for US$ 325.4 billion.
