The Ministry of Commerce released data which showed that electronics export grew over 56 per cent in the April-June period, reaching Rs 572 billion against Rs 365 billion in Q2 2022. With this, electronics has become the fourth largest exported item from India in the first quarter of fiscal year 2024, rising two spots while the category grew the fastest among the top 30 exported items.
As per the data, electronics is the only sector to record growth in the top five categories of exports. Industry experts are predicting electronics to emerge as the third largest category of exports in the coming quarters as its gap in the current gems and jewellery segment is closing fast. As per data, the electronics category has considerably reduced the gap with gems and jewellery exports, which was ahead by Rs 466 billion in Q1 2023.
The surge in electronics exports is led by mobile phone exports, which have shown incremental growth following the announcement of the production-linked incentive (PLI) scheme in 2020. Mobile phones have been the largest contributor to growth in the electronics segment in the last 15 months, at Rs 300 crore in Q1 2023. Mobile phone exports contributed to over 52 per cent of the total electronics exports from India, which was just 38 per cent in 2022.
