Bhoomika Singh
India’s electronics industry is witnessing a ground-breaking era of growth, fuelled predominantly by the exceptional performance of mobile phone exports. The total exports of electronic goods in FY22-23 soared to an estimated Rs. 1,85,000 crore, compared to Rs. 1,16,936 crore in FY 21-22, marking a staggering 58% increase in exports.
The remarkable success in mobile phone exports has made history by crossing the USD 10 bn threshold for the first time in any fiscal year, reaching an estimated USD 11.12 Bn in FY22-23.
Moreover, the exports have risen from Rs. 45,000 crore in FY21-22 to an estimated Rs. 90,000 crore in FY 22-23, surpassing the previous estimate of Rs. 75,000 crore for FY 22-23. Mobile phone exports now account for an astounding 46% of the overall electronic goods exports, underlining the vital role of this sector in India’s electronics export market.
Also Read: IMF lowers global growth forecast to 2.8%, says recovery ‘on track’
This extraordinary growth in mobile phone exports has been primarily driven by the Apple ecosystem. Top exporting destinations for mobile phones include the UAE, USA, Netherlands, UK, and Italy.
Pankaj Mohindroo, Chairman, of ICEA, said, “No economy or sector in the economy can become a great and vibrant global economy without large exports. The mobile phone export juggernaut continues. Riding on the 100% growth in mobile phone exports, which have crossed Rs. 90,000 crore for FY 2022-23, electronics exports have also grown by 58% to Rs. 1,85,000 crore.
It is extremely satisfying that we have crossed the targeted figure of 75,000 crores for the year. Industry and Government in the partnership are strenuously working on replicating this in other verticals.”
He further added, “Despite this monumental achievement, we must remain focused on the road ahead and continue to push the boundaries of what we can accomplish in the future.”
Mohindroo continued, “The outstanding performance of the PLI for Mobile Phones serves as an inspiration for other electronic segments to emulate this success in increasing manufacturing and exports. By fostering a collaborative environment between the industry and the government, we can create new opportunities for growth and innovation, ultimately fulfilling the ambitious vision of USD 300 bn for the electronics sector by 2025-26.”
Also Read: Interest rates likely to fall to pre-Covid levels in advanced economies: IMF
The Government of India has set a target of achieving USD 300 bn worth of electronics manufacturing by 2025-26, with USD 120 bn expected to come from exports. Mobile phones alone are anticipated to contribute more than USD 50 bn worth of exports by 2025-26, emphasizing the importance of mobile phone manufacturing and exports within the electronic ecosystem.
Earlier this month, we reported that according to industry data, Buoyed by attractive government incentives towards local manufacturing, India is all set to reach a remarkable US$ 10 billion (over Rs 82,000 crore) worth of smartphone exports in the fiscal year ending March 31.
