With smartphone exports from India more than doubling to more than $11 billion (approximately Rs. 90,000 crore), the country is on its path to becoming the worldwide leader in the mobile device category, Union minister Ashwini Vaishnaw said on Wednesday.
According to industry association ICEAand industry sources, mobile phone exports from India reached close to $11.12 billion, with iPhone maker Apple accounting for over half of total exports.
“With smartphone exports more than doubling to more than $11 billion, India is well on its way to becoming a world leader in the mobile device market and playing a significant role in India’s electronic exports.” “This is a significant victory for Prime Minister Modiji’s ‘Make in India’ initiative,” Vaishnaw remarked.
According to the India Cellular and Electronics Association (ICEA), mobile phone exports from India will exceed Rs 90,000 crore (about $11.12 billion) in fiscal year 2022-23, up from Rs 45,000 crore in FY22.
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“Without large exports, no economy or sector of the economy can become a great and vibrant global economy.” The mobile phone export juggernaut is still going strong. Electronics exports have increased by 58 percent to Rs 1,85,000 crore, riding on a 100 percent increase in mobile phone shipments, which have surpassed Rs 90,000 crore for FY 2022-23. “It is extremely satisfying that we have exceeded our target of Rs 75,000 crore for the year,” said ICEA Chairman Pankaj Mohindroo.
The government has set an export target of $10 billion for mobile phones from the country.
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According to industry estimates, Apple has a 50 percent market share, with $5.5 billion (approximately Rs. 45,000 crore) in exports of’made in India’ iPhones.
According to sources, Samsung accounts for approximately 40% of the market with exports worth Rs. 36,000 crore.
Emails submitted to Apple and Samsung received no response.
“Third-party exports contributed approximately $1.1 billion (approximately Rs. 9,014 crore) to total export.” “These players export phones of all brands made in India,” according to the source.
The government has set a target of $300 billion (approximately Rs. 24,58,500 crore) in electronics production by 2025-26, with exports accounting for $120 billion (about Rs. 9,83,400 crore). By 2025-26, mobile phones are expected to contribute more than $50 billion (approximately Rs. 4,09,700 crore) in exports.
Mobile phone exports now account for 46 percent of total electronic goods exports, according to the ICEA.
