Smartphones became the fourth largest export item from India, growing 42 percent to $15.6 billion in FY24, as reported by Business Standard.
The item has moved up a place in the export rankings compared to the previous year, surpassing automotive petrol, he added.
India started tracking smartphone export data independently in April 2022.
petroleum products continue to dominate India’s largest export.
Key export locations
The top destination for smartphone exports is the United States, which welcomed a shipment worth $5.6 billion — up 158 percent (year-on-year), the report said, citing data from the Commerce Department.
Next on the list is the United Arab Emirates or UAE, which exported $2.6 billion worth of smartphones from India, followed by the Netherlands ($1.2 billion) and the United Kingdom ($1.1 billion), he added.
The total value of mobile devices manufactured in India for both export and domestic markets soared to ₹4.1 trillion ($49.16 billion) in FY24, a year-on-year increase of at least 17 percent, the report added, citing preliminary estimates by Indian Cellular and Electronics Association (ICEA).
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Impact of PLI mode
The report said this leap in growth can be attributed to the government’s successful Production Linked Incentive (PLI) scheme for the sector. He added that PLI in the smartphone segment has moved India to the second position, after China, among the largest mobile phone manufacturing countries in the world.
Eligible firms under the PLI scheme include Apple vendors – Foxconn, Wistron India (now Tata Electronics) and Pegatron – as well as Samsung.
Apple has spearheaded this export growth, with the value of its mobile device outbound shipments expected to exceed ₹1.2 trillion ($14.39 billion) in FY24, up 33 percent from ₹90,000 crore in FY23. as the report states. .
Early estimates suggest exports accounted for nearly 30 percent of total output value in FY24, up from 25 percent in FY23, according to ICEA data.
