India’s mobile phone export sector is witnessing an impressive surge and is on track to surpass previous records and reach new heights, industry data revealed on Sunday.
According to statistics from the Indian Cellular Electronics Association (ICEA), exports from April to November of the current financial year were over $9 billion (over Rs. 75,000 crore), compared to $6.2 billion (over Rs. 50,000 crore) in 2019. This was a significant increase from over Rs. According to a report by IANS, it happened during a similar period last year.
Notably, the country’s mobile phone exports are on track to cross $15 billion (more than Rs. 1,24,000 crore) this fiscal year, with strong growth of 35% year-on-year, driven by a significant contribution from Apple. is shown.
India’s emergence as the second largest mobile phone manufacturing hub is due to significant investments by original equipment manufacturers, original design manufacturers, and companies involved in manufacturing components and components.
Of the $23.6 billion in electronics exports last year, mobile phones accounted for $11.1 billion. Forecasts for the current fiscal year indicate that electronics exports are estimated to reach $26 billion, with mobile phones expected to make a significant contribution of $15 billion, accounting for about 58% of total electronics exports compared to the previous fiscal year. This is a significant increase from about 47%. ICEA.
Apple’s ambitions are to further strengthen India’s manufacturing industry, aiming to produce more than 50 million iPhones a year in the country, and gradually move production out of China. The report says this goal is expected to be achieved within the next two to three years, with plans to sell tens of millions more after that.
Companies such as Apple and Foxconn are strategically leveraging the country’s capabilities to diversify their supply chains and expand production by investing in manufacturing within India, adding to the country’s manufacturing ecosystem. Shows strong commitment.