Smartphone PLI Success: India's Electronics Exports Grow 24 Per Cent To Hit Record $19.1 Billion During April-October 2024

India's electronics exports surged to an all-time high of $19.1 billion in the seven months ending October 2024.

This reflects a 24 per cent rise compared to the $15.4 billion achieved during the same period in the previous financial year, according to the latest government data.

The rapid growth in electronics exports has been due to the strong impetus provided by the smartphone production-linked incentive (PLI) scheme.

In October 2024, electronics exports touched $3.4 billion, marking a 45 per cent increase from October 2023’s $2.4 billion.

Smartphones accounted for 55 per cent of electronics exports during the period, with Apple playing a major role.

iPhone exports represented 66 per cent of smartphone exports and contributed 37 per cent to India's overall electronics exports until October 2024.

Last year, at the end of October, electronics ranked as India's sixth-largest export category, trailing engineering goods, petroleum products, gems and jewellery, pharmaceuticals, and chemicals.

However, by October 2024, it had climbed to third place, surpassed only by engineering goods and petroleum products.

As per the Department of Commerce, electronics remains India’s fastest-growing export sector, both on a monthly basis and cumulatively among the top five exports over the seven months.

The sector is not only solidifying its place in the top five but is also closing the gap with the second-ranked petroleum exports.

In the last financial year, electronics exports were less than a third of the petroleum exports, which stood at $47 billion in the first seven months.

In the current financial year, electronics exports have grown to nearly half of petroleum exports, which stand at $40.9 billion so far.

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