Electronic giants Samsung, LG and Panasonic have started exporting products manufactured in India to developed nations such as US, UK, South Korea France and Germany giving a major boost to the Make in India Programme.
These companies in India were only exporting their product to smaller emerging markets like Middle East, South-Asian, African and Latin American nations, while the govt had been trying to make India Self Reliant in production for both the domestic and global markets.
As per the latest regulatory filing at the Registrar of Companies Samsung said it has commenced export of Make in India to the US apart from South Korea, Germany, France and the UK. The South Korean giant has also started export of components from India to over 12 global production hubs including Vietnam, China, south Korea and Brazil.
On the other hand, LG has also started export of premium large capacity refrigerators from to western European nations that were earlier done from China.
Although, exports are still low at 10-12% but premium models are being exported from India to developed nations due to in line with government initiatives and cost competencies that India has achieved.
Panasonic too has commenced export of small appliances like rice cookers, mixers grinders, carbon rods for dry cells batteries to Japan, USA, and Europe.
As per ROC filings Samsung India’s gross export revenue from products surged 83% in 2019-20 to Rs 24,918 crore from Rs13,606 crore in FY19.
Samsung is also setting up a unit of mobile phone displays in India that also has export potential.
Market researcher IDC India research director Navkendar Singh said “various phone companies are planning to export phones that have been manufactured in India to developed markets. This will only gain pace as companies invest more in India to take advantage of Production Linked Scheme(PLI)”.
“Apple will also seek opportunities since of the main criteria in PLI scheme is to export”, he added.
