“With the doubling of exports of smartphones to more than $11 billion, India is well on its way to become a leader in the mobile device market of the world and play a major role in India’s electronic exports. This is a major win for PM Modi’s Make in India program,” Vaishnaw, also the Union Minister of Electronics and Information Technology, said in a statement.
He was commenting on India achieving a record $11.2 billion smartphone exports in FY2023, driven by Apple and Samsung. Mobile phone exports now account for 46% of total electronics goods exports, according to industry body India Cellular and Electronics Association (ICEA).
The total exports of electronic goods in FY22-23 soared to estimated Rs. 1,85,000 crore, compared to Rs. 1,16,936 crore in FY 21-22, up 58%, ICEA said.
“The mobile phone export juggernaut continues. Riding on the 100% growth in mobile phone exports, which have crossed Rs. 90,000 crore for FY 2022-23, electronics exports have also grown by 58% to Rs. 1,85,000 crore,” said ICEA chairman, Pankaj Mohindroo.
He added that the mobile phone exports have crossed the targeted figure of 75,000 crores for the just ended fiscal year.
Mohindroo said the electronics industry and Government in partnership are strenuously working on replicating this in other verticals.
The government has set a target to achieve $300 billion worth of electronics manufacturing by FY2026, with $120 billion expected to come from exports.
“Mobile phones alone are anticipated to contribute more than $50 billion worth of exports by FY2025-26,” ICEA said.
The record smartphone exports were driven by Apple’s suppliers, which cumulatively exported over $5 billion (roughly Rs 40,000 crore) of iPhones in FY23.
India now accounts for 5% of total iPhone production, up from less than 1% in 2020. China remains the largest maker of iPhones with India at the second spot.
Samsung accounted for $3.5-4 billion in FY23, according to industry and trade data.
India is now exporting smartphones to even developed markets, including the UK, Italy, France, Middle East, Japan, Germany and Russia.
