News Brief
Driven By Apple iPhones, India's Mobile Phone Exports Soar To Record $15 Billion: Report
Apple iPhone smartphones being displayed at a store in London. (Representative image) (Photo by Stuart C Wilson/Getty Images)
India witnessed a remarkable surge in mobile phone exports to a record $15 billion-plus in the fiscal year 2023-24, propelled largely by iPhones, according to government data as reported by Economic Times.
This marked a significant increase from the $11.1 billion recorded in FY23.
Apple played a pivotal role in this growth, contributing around 65 per cent or approximately $10 billion, doubling its contribution from the previous fiscal year when it became the first smartphone brand to achieve $5 billion in exports from India.
As per reports, the burgeoning mobile electronics manufacturing ecosystem in India has not only contributed to the surge in exports but has also created more than 1.2 million jobs.
Electronics and IT Minister Ashwini Vaishnaw expressed satisfaction over the success in mobile phone production, highlighting the increased local value addition as more components are now manufactured in India.
“Local value addition has increased, as a lot of components have started being manufactured in India. The domestic value addition is increasing steadily, quarter by quarter,” he said.
However, industry experts like Pankaj Mohindroo, chairman of India Cellular and Electronics Association (ICEA), mentioned the need for extreme competitiveness via tariffs, taxation, and industrial infrastructure.
“But we can’t rest on our laurels. Extreme competitiveness via tariffs, taxation and industrial infrastructure is key to reaching the $50-billion export mark by 2026-27,” he added.
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