India to cross Rs 120,000 cr in mobile exports in FY24, Apple to surpass 50% share
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Buoyed by friendly government policies and production-linked incentive (PLI) scheme, India is set to cross Rs 1,20,000 crore in mobile exports in the current fiscal year (FY24), driven by tech giant Apple, the top electronics industry body told IANS on Tuesday.
The country surpassed a remarkable Rs 90,000 crore worth smartphone exports in the fiscal year 2022-2023.
According to the India Cellular and Electronics Association (ICEA), the mobile phone exports have already registered a massive 128 per cent growth in the months of April-May this year.
"Mobile phone exports growth in 2023-24 have bucked the trend of falling exports with a growth of 128 per cent in the first two months of 2023-24," Pankaj Mohindroo, Chairman, ICEA, told IANS.
"We are confident of crossing Rs 120,000 crore in this financial year compared to Rs 90,000 crore in the last financial year which was a phenomenal 90 per cent growth," Mohindroo added.
Amid this stupendous growth in the mobile exports, Apple's share is set to exceed 50 per cent in FY24, according to the ICEA.
In May, iPhone exports reached a record Rs 10,000 crore, pushing the total mobile shipments from the country to Rs 12,000 crore.
The top five global destinations India currently exports mobile phones to are the UAE, the US, the Netherlands, the UK and Italy.
"The mobile phone industry will cross $40 billion manufacturing output," according to Mohindroo.
More than 97 per cent of the smartphones sold in India are now being produced locally. India is now the second largest mobile phone manufacturer in the world.
The country is now moving in a different direction, "which is largely export-focused and led by the government's PLI push".
According to estimates, India and Vietnam are set to become the biggest beneficiaries of smartphone supply chain migration out of China.
