Mobile Phone Exports From India May Rise To $9 Billion in FY23, From $5.8 billion In FY22: Report

Mobile phone exports from India are likely to go up to $9 billion in the current financial year 2022-23, compared with $5.8 billion a year ago. The jump in exports is expected as manufacturers ramp up production and raise shipments, according to an Economic Times report. It added that India is set to achieve overall electronics manufacturing of $300 billion by 2025-26. Electronics worth roughly $87 billion were manufactured locally in FY22, which is expected to grow to $100 billion in FY23, according to the report attributing data from industry body India Cellular and Electronics Association (ICEA). The mobile phone exports have already crossed the $5 billion mark, which is more than double the $2.2 billion exports registered a year ago. The major push in phone manufacturing has been provided by Samsung and Apple. These two companies account for half of the phones manufactured in India. “Early on in 2021, we sat with the industry and worked out this $300 billion roadmap…One of the key things of the target was significantly expanding exports to go from the current $18-20 billion to $120 billion by FY26. This fiscal, mobile phone exports are expected to reach $9 billion,” Rajeev Chandrasekhar, Minister of State for Electronics and IT, said, according to the ET report. This Sugar Stock Zooms 43% in Three Sessions; Do you Own? Saudi Arabia Sets January Arab Light Crude Prices To Asia At 10-Month Low He added that all states are required to participate to make India a manufacturing hub. “Now what has happened is that 66 per cent of foreign direct investment (FDI) in electronics has come in the last three years and almost every state now is competing to attract investments.” The government in 2020 had launched the Rs 41,000 crore production-linked incentive (PLI) scheme to boost smartphone manufacturing. Read all the Latest Business News here

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Published on : 2022-12-06 08:39:57

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