Apple And Samsung Help Push India's Mobile Phone Exports To More Than Double In First Seven Months Of FY23
Apple iPhone 14 lineup (Representative Image)India is expected to export mobile phones worth around $9 billion in the fiscal year ending 2023 (FY23), up from $5.8 billion in the previous year.
Mobile phone exports in India have exceeded $5 billion in the first seven months of the fiscal year ending 2023 (FY23), more than double the $2.2 billion exported in the same period the previous year.
This growth is due to an increase in production and exports by manufacturers, including Apple and Samsung.
The development of an ecosystem for electronics manufacturing and a rise in exports are being driven by production-linked incentive (PLI) schemes.
The country is aiming to achieve overall electronics manufacturing of $300 billion by FY26, with mobile phones potentially accounting for $60 billion of that total.
In 2021, the government worked with the industry to create a roadmap for achieving $300 billion in electronics manufacturing by Financial Year 2025-26.
"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," Rajeev Chandrasekhar, Union Minister of State for Electronics and IT, was quoted by Economic Times as saying.
According to industry data cited by ET, the export of electronics goods in the April-September period grew 54 per cent to $10.2 billion from $6.5 billion in FY22.
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