Benefiting from the surge in local manufacturing, mobile phone exports from India have surpassed an impressive $9 billion (over Rs 75,000 crore) from April to November in the current fiscal year, according to data from the India Cellular and Electronics Association (ICEA). This marks substantial growth compared to $6.2 billion (over Rs 50,000 crore) during the same period in the previous year.
Driven by prominent players like Apple, India is on track to exceed $15 billion (over Rs 1,24,000 crore) in mobile phone exports in the current fiscal year, indicating a robust 35% growth over the last fiscal year. With heavy investments from original equipment manufacturers, original design manufacturers, and companies dealing in components and parts, India has solidified its position as the second-largest manufacturing hub for mobile phones.
The mobile phone export momentum is notable, contributing to the country's standing as a key player in the global electronics market. In the current fiscal year, mobile phone exports are expected to constitute about 58% of overall electronics exports, compared to approximately 47% in the previous fiscal year.
Apple is playing a significant role in this growth, with plans to manufacture over 50 million iPhones annually in India within the next two to three years. This move aligns with Apple's strategy to diversify its supply chain and scale up production by leveraging domestic capabilities. The broader industry is also witnessing a trend, with companies like Foxconn aiming to capitalize on India's manufacturing capabilities for enhanced supply chain diversification and increased production scale.
(With Agency Inputs)
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