New Delhi, India: India is on track to hit a stunning $10 billion in smartphone exports in the financial year ending March 31, according to industry figures released on Wednesday, according to IANS. It is due in large part to the government’s strong incentives for local manufacturing.
The India Cellular and Electronics Association (ICEA) reported that 50% of all exports are now made up of Apple’s “Made in India” smartphone. Samsung comes in second with 40% of mobile exports, while other smartphone manufacturers account for 10% of exports.
India’s exports of smartphones have more than doubled since the same time period in the previous fiscal year, thanks in large part to production-linked incentive (PLI) programmes.
According to ICEA data, India now exports mobile phones to the United Arab Emirates, the United States, the Netherlands, the United Kingdom, and Italy in that order.
“Only strong exports can accurately assess an industry’s effectiveness and maturity. The consequences of our relentless policy and communication efforts regarding mobile phones are now in front of us,” said Pankaj Mohindroo, chairman of ICEA, to IANS.
“The manufacturing production for the mobile phone industry will surpass $40 billion, and 25% exports at $10 billion is a spectacular result,” he continued.
There have been rumours this year that Tim Cook’s Apple may fast move some of its China-based manufacturing to India and Vietnam over the course of the following two to three years.
By 2027, India is anticipated to supply 45–50% of Apple’s iPhones, matching China’s production of 80–85% of iPhones in 2022. Indian and Vietnamese economies are expected to benefit the most from the shift of the smartphone supply chain away from China, according to estimations by DigiTimes research analysts.
By the end of 2022, India will have produced 10–15% of the world’s iPhones. Apple became the first smartphone manufacturer in India to ship iPhones worth $1 billion in December. The 12, 13, 14, and 14 Plus iPhones are now produced there.
Mohindroo asserts that the nation is currently moving on a different path, one “primarily centred on exports and driven by the government’s performance-linked system (PLI) push.” In order to increase its worldwide market share in hearables and wearables, IT hardware, as well as electronic components, among other products, the government is also trying to enhance the ecosystem of electronic manufacturing beyond mobile devices.