India is set to achieve overall electronics manufacturing of $300 billion by FY26. As per data from industry body India Cellular and Electronics Association (ICEA), electronics worth roughly $87 billion were manufactured locally in FY22, which is expected to grow to $100 billion in FY23.
India is likely to export mobile phones worth about $9 billion in FY23, up from $5.8 billion in the year before, as manufacturers step up production and outward shipments.
India is set to achieve overall electronics manufacturing of $300 billion by FY26. As per data from industry body India Cellular and Electronics Association (ICEA), electronics worth roughly $87 billion were manufactured locally in FY22, which is expected to grow to $100 billion in FY23.
Mobile phone exports have already raced past the $5 billion mark in the first seven months (April-October) of FY23, more than double the $2.2 billion that India clocked in the same period last year, as the likes of Apple and Samsung pushed exports. The development of an ecosystem for electronics manufacturing and a subsequent rise in exports are primarily being led by the production-linked incentive (PLI) schemes.
