With smartphone exports from India doubling to over $11 billion, Union Minister Ashwini Vaishnav on Wednesday said the country is on its way to becoming a global leader in the mobile device segment.
Mobile phone exports from India reached close to USD 11.12 billion, with iPhone maker Apple accounting for nearly half of the total exports, according to estimates by industry body ICEA and industry sources.
“With smartphone exports doubling to over USD 11 billion, India is on track to become the leader in the world’s mobile device market and playing a major role in India’s electronic exports. This is a big win for PM Vaishnav said, Modiji’s ‘Make in India’ program.
Mobile phone exports from India are set to double to Rs 90,000 crore, approximately USD 11.12 billion, in FY22-23 from Rs 45,000 crore in FY22, the India Cellular and Electronics Association (ICEA) said.
“No economy or sector in the economy can become a great and vibrant global economy without large exports. The juggernaut of mobile phone exports is on. has crossed Rs 90,000 crore for Electronics exports have also increased by 58 per cent to Rs 1,85,000 crore.
It is extremely satisfying that we have crossed the target of Rs 75,000 crore for the year, said ICEA Chairman Pankaj Mahendru.
The government has set a target of $10 billion worth of mobile phone exports from the country.
According to industry sources, Apple is estimated to account for 50 per cent of ‘Made in India’ iPhone exports worth $5.5 billion, which is around Rs 45,000 crore.
Sources estimate that Samsung accounts for around 40 per cent with exports at Rs 36,000 crore. Emails sent to Apple and Samsung did not elicit any response.
The source said, “The contribution of third party exports to the total exports is about $ 1.1 billion. These companies export phones of all brands made in India.
The government has set a target of manufacturing electronics worth USD 300 billion by 2025-26, of which USD 120 billion is expected to come from exports. Mobile phone exports are estimated to contribute over USD 50 billion by 2025-26.
According to ICEA, mobile phone exports now account for 46 percent of total electronic goods exports.
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