“Mobile phone exports growth in 2023-24 have bucked the trend of falling exports with a growth of 128 per cent in the first two months of 2023-24. We are confident of crossing Rs 120,000 crore in this financial year compared to Rs 90,000 crore in the last financial year which was a phenomenal 90 per cent growth,” said ICEA chairman, Pankaj Mohindroo.
How Apple is helping smartphone exports in India
In the fiscal year 2022-23, India surpassed Rs 90,000 crore worth of smartphone exports. In May, Apple helped in pushing the total mobile shipments from the country to Rs 12,000 crore. Out of which, iPhone exports reached a record Rs 10,000 crore.
The top five global destinations where India currently exports mobile phones include UAE, the US, the Netherlands, the UK and Italy. The report mentions that the supply chain migration from China will benefit India and Vietnam the most.
“The mobile phone industry will cross $40 billion manufacturing output,” Mohindroo noted.
The report also added that more than 97% of the smartphones sold in India are now being produced locally. Currently, India is now the second-largest mobile phone manufacturer in the world.
Mohindroo also mentioned that the country is now focusing more on exports which are led by the government’s PLI scheme.
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