NEW DELHI: India exported 31% of the total smartphones manufactured in the country to various countries in FY24, Economic Survey 2024 said. The survey highlighted that India’s domestic smartphone production and exports have increased steadily since the launch of the Production Linked Incentive (PLI) scheme in 2020. In FY20, domestic production exceeded domestic demand for the first time, and smartphones became one of India’s top export categories. Exports now provide the primary stimulus for the growth of the sector. “This high export growth has led to an increase in the ratio of exports to production, with exports constituting over 31% of the total smartphone output in India in FY24,” the survey reads.India has risen to become the world’s sixth-largest smartphone exporter in 2022, up from the 23rd position in 2014. The survey notes that exports are now the primary driver of growth in the sector. “A 42.2% increase in exports in FY24 (on a year-on-year basis) enabled smartphones to rank among India’s top five export items within six-digit HS product categories,” the survey adds.According to data from the Ministry of Commerce and Industry, India exported smartphones worth $15.6 billion in FY24, marking a 42% growth from the previous fiscal year. The United States emerged as the top destination for Indian smartphone exports, with shipments valued at $5.6 billion—a 158% year-on-year increase. The UAE was the second-largest market, importing $2.6 billion worth of smartphones, followed by the Netherlands and the UK with shipments valued at $1.2 billion and $1.1 billion, respectively.In terms of smartphone brands, Apple and Samsung led the exports. Apple has reportedly assembled new iPhones worth more than Rs 1 lakh crore in India and exported devices worth Rs 65,000 crore to other countries. Samsung has also played a significant role in India’s smartphone export sector.Additionally, India’s share of global electronics exports has improved from 0.63% in 2018 to 0.88% in 2022. As a result, India’s global ranking in electronics exports rose from 28th in 2018 to 24th in 2022. The share of electronics goods in India’s merchandise exports increased from 2.7% in FY19 to 6.7% in FY24.
Source link
