As per the latest data by the India Cellular and Electronics Association (ICEA), India exported mobile phones worth over Rs 750 billion ($9 billion) from April 2023 to November 2023. This stupendous growth is compared to over Rs 500 billion ($6.2 billion) during the same period last year.
According to the data, India is set to cross over Rs 1.24 trillion ($15 billion) in mobile phone exports in the current fiscal year, posting a growth of 35 per cent over the last fiscal year. The country is now the second-biggest manufacturing hub for mobile phones due to heavy investment from original equipment manufacturers, original design manufacturers and companies dealing in components and parts.
Further, ICEA noted that overall electronics exports have also grown by 28 per cent to Rs 1.46 trillion. During FY23, out of $23.6 billion of electronics exports, the share of mobile phones accounted for $11.1 billion. Whereas, out of the projected $26 billion in electronics exports, mobile phones are expected to reach $15 billion in FY24. This year, mobile phone exports are anticipated to account for about 58 per cent of the overall electronics exports in FY24, compared to around 47 per cent in the previous fiscal year.
