Overall production in the country has gained a boost since the production-linked incentive scheme came into the country. It has increased to Rs 9.52 lakh crore from Rs 1.9 lakh crore 10 years back, the government informed at a compound annual growth rate (CAGR) of 17.4 percent. India has touched Rs 6.61 lakh crore in overall value of production above the target set by the government. The cumulative investment had targeted Rs 9,100 crore, which was already surpassed.
Cumulative production under the mobile PLI scheme had targeted Rs 4.39 lakh crore in 2023-24 and Rs 8.12 lakh crore during the five-year scheme period up to FY 2026.
Mobile Exports were at around Rs 1.2 lakh crore in 2023-24 and are up by 77 times from 2014-15.
The country had exported mobile phones worth around Rs 1,566 crore in 2014-15. And today, the country is exporting mobile phones worth around Rs 1.2 lakh crore.
According to the IT Ministry, employment under the mobile PLI scheme has crossed 1.22 lakh, which is also above the target.
Due to strategic government policy measures, such as the PLI and phased-manufacturing program (PMP) schemes, the value of mobile phone manufacturing in India has risen to Rs 4.1 lakh crore over the last decade.
Companies worldwide, starting with Samsung (KS:005930), Apple (NASDAQ:AAPL), and Google (NASDAQ:GOOGL), have begun to make the latest generation of their respective smartphones in India as this nation has emerged as the world's second-largest manufacturer of mobiles.
With the country emerging as the world's second-largest manufacturer of mobile phones, S Krishnan, Secretary, MeitY, said: "The government's priority has always been to enable PLI beneficiaries to maximise their benefits, meet targets and ultimately enhance India's business environment.".
Finance Minister Nirmala Sitharaman recently said the mobile phone industry had matured in the country as there has been a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones during the last six years.
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