India headed to become $30-35 trillion economy in next two decades, Says Piyush Goyal

Union Minister of Electronics and Information Technology, Ashwini Vaishnaw, predicts that in 2024–2025, smartphone exports will reach $20 billion, or Rs 1.68 lakh crore.

Under PLI program, the production of electronics contributed Rs 10,213 crore in investments as of December 2024, and generated over 1.37 lakh direct job opportunities and a surge in exports. In this special incentive scheme, the cumulative value of production has reached Rs 6,62,247 crore.

“Due to the policies of the government for promotion of electronics manufacturing, India has become a mobile phone exporter now from a mobile importing country in 2014- 15,” Union Minister of State for Electronics and IT Jitin Prasada informed Parliament recently.

Domestic production of mobile phones in India has increased to all-time high levels due to the Production Linked Incentive (PLI) scheme, from a level of 60 million units during 2014-15 to an estimated 330 million units during 2023-24. Production of mobile phones has increased five and a half times over the last ten years.

Interestingly, mobile phone production value has grown at a record compound annual growth rate (CAGR) of 41%. It was Rs 19,000 crore in 2014–15. However, it touched a whooping Rs 4,22,000 crore in 2023–24.

Union Minister of Electronics and Information Technology Ashwini Vaishnaw predicts that in 2024–2025, smartphone exports will reach $20 billion (Rs 1.68 lakh crore).

What is more interesting is the fact that the mobile phone production value grew at a record compound annual growth rate (CAGR) of 41%. It was Rs 19,000 crore in 2014–15. However, it touched a whopping Rs 4,22,000 crore in 2023–24.

The success of the PLI Scheme for Electronics Manufacturing was underlined when the exports of mobile phones increased at 78% CAGR. The exports reached a record Rs 1,29,074 crore in 2023–2024 from Rs 22,868 crore in 2020–21.

In addition, 74% of the total mobile phones available for sale in India in 2015 were imported. To date, 99.2% of the mobile phones used in India are locally manufactured, which is a phenomenal achievement.