Mobile phone exports cross Rs 75,000 crore by November

New Delhi (Uttam Hindu News): Local On the back of manufacturing growth, mobile phone exports from the country have crossed $9 billion (over Rs 75,000 crore) from April to November in the current financial year. This information has come out from the data released by the industry. According to the India Cellular and Electronics Association (ICEA), this impressive growth compares to $6.2 billion (over Rs 50,000 crore) during the same period last year.

Led by Apple, India is set to cross $15 billion (over Rs 1,24,000 crore) in mobile phone exports in the current fiscal year, registering a growth of 35 percent over the last fiscal year. The country is now the second largest manufacturing hub for mobile phones due to heavy investment from original equipment manufacturers, original design manufacturers and companies dealing in components and parts.

The organization said, “Mobile phone exports continue to grow tremendously. It crossed Rs 75,000 crore during April-November of the current financial year. Electronics exports also increased by 28 percent to Rs 1,46,584 crore.” During FY 2022-23, out of the $23.6 billion electronics exports, mobile phones accounted for $11.1 billion. Whereas, out of the estimated $26 billion of electronics exports in FY 2023-24, mobile phones are expected to reach $15 billion.

“This year, mobile phone exports are estimated to account for about 58 per cent of total electronics exports in FY 2023-24, compared to about 47 per cent in the previous financial year,” ICEA reported. Apple aims to manufacture more than 50 million iPhones per year in India as it aims to shift some production out of China. According to reports, the tech giant aims to achieve the target within the next two to three years, with additional tens of millions of units planned after that. From Apple to Foxconn, companies are aiming to leverage domestic capabilities to achieve supply diversification and increase production by manufacturing in the country.