India’s mobile phone manufacturing sector is on track to reach a remarkable value of US$ 50 billion in the current fiscal year, with exports anticipated to soar to US$ 15 billion, as announced by Mr. Ashwini Vaishnaw, Minister for Communications, Electronics & Information Technology and Railways. This achievement cements mobile phones as the fourth-largest export category from India, showcasing the nation’s prowess in the global tech market.
Minister Vaishnaw’s optimism extends beyond the mobile phone sector, foreseeing India’s total exports soon crossing the monumental US$ 1 trillion mark. He envisions a transformative shift in the country’s export landscape, with mobile phones and electronics expected to secure top positions in the next year or two. Currently, the top five exports include processed petroleum, diamonds, iron, steel, and pharmaceuticals.
Official data from the Commerce Department underscores India’s consistent success in smartphone exports, exceeding the US$ 1 billion mark since October 2022. The initial six months of FY24 witnessed smartphone exports surging to US$ 6.53 billion, showcasing substantial growth compared to the US$ 10.95 billion recorded in FY23. Notably, a significant portion, 62%, of these exports is attributed to Apple India. In the April-October period of FY24, Apple’s three vendors in India exported iPhones worth US$ 5 billion.
India’s broader electronic exports for FY24 reached US$ 15.77 billion, marking a notable shift from the previous year’s figure of $28 billion. Minister Vaishnaw attributes this rapid growth to the successful diversification of India’s export basket under the ‘Make in India’ initiative. Expressing confidence in India’s economic trajectory, he declared that the nation is on track to achieve the momentous milestone of US$ 1 trillion in exports very soon.
In FY23, India’s overall exports reached US$ 775.7 billion, with merchandise exports contributing US$ 450.4 billion and services accounting for US$ 325.4 billion. The Minister’s projections underscore the nation’s resilience and competitiveness in the global market, positioning India as a major player in the tech and export sectors.
