India is on its way to becoming a global leader in the mobile device market with the doubling of smartphone exports to over $11 billion (roughly Rs. 90,000 crore), according to Union Minister Ashwini Vaishnaw. The country’s mobile phone exports reached close to $11.12 billion, with Apple accounting for around half of the total exports. The India Cellular and Electronics Association (ICEA) reported that mobile phone exports from the country doubled to surpass Rs. 90,000 crore, roughly $11.12 billion, in the financial year 2022-23 from Rs. 45,000 crore in FY22.
Economy
No economy or sector in the economy can become a great and vibrant global economy without large exports, according to ICEA Chairman Pankaj Mohindroo. Data from the association showed that the mobile phone export juggernaut continued, buoyed by a 100 percent growth in mobile phone exports, which had crossed Rs. 90,000 crore for FY 2022-23. Electronics exports also rose by 58 percent to Rs. 1,85,000 crore. More importantly, the figures exceeded the government’s target figure of Rs. 75,000 crore for the year. The government set a target of $10 billion worth of mobile phone exports from the country, with mobile phones expected to contribute more than $50 billion worth of exports by 2025-26.
Exports
Apple
According to industry sources, Apple is estimated to have clocked a 50 percent share with exports of ‘made in India’ iPhones worth $5.5 billion (roughly Rs. 45,000 crore). Emails sent to Apple regarding the matter have not elicited any response.
Samsung
Samsung accounts for an estimated 40 percent share with exports worth Rs. 36,000 crore, according to sources. However, emails sent to Samsung didn’t receive any response.
Third-Party Exports
Third-party exports contributed around $1.1 billion (roughly Rs. 9,014 crore) to the country’s total export, including phones of all brands that are made in India, according to sources.
Targeted Manufacturing
The Indian government has set a target of achieving $300 billion worth of electronics manufacturing by 2025-26, with $120 billion expected to come from exports. Mobile phones are anticipated to contribute more than $50 billion worth of exports by 2025-26. According to ICEA, mobile phone exports now account for 46 percent of the overall electronic goods exports.
Conclusion
India is one of the world’s largest manufacturers of smartphones, but most of its exports comprise low-cost feature models. However, the entry of Apple with its manufacturing facilities in the country has helped increase exports significantly, according to Vaishnaw. Mohindroo said that the doubling of exports on the phone presented a “major win” for India’s “make in India” initiative, noting that India is well on its way to becoming a leader in the mobile device market globally.
