Synopsis
India's smartphone exports have reached an unprecedented milestone, crossing Rs 2 lakh crore in FY25, according to Union Minister Ashwini Vaishnaw. This achievement is driven by the PLI scheme and highlights the nation's growing role in global electronics manufacturing.Key Takeaways
- Smartphone exports reached Rs 2 lakh crore in FY25.
- 54% growth compared to the previous year.
- 99% of smartphones in India are domestically produced.
- Apple is a major contributor, accounting for 70% of exports.
- PLI scheme has significantly boosted exports and reduced imports.
New Delhi, April 8 (NationPress) India's smartphone exports have achieved a remarkable milestone in the financial year 2024-25 (FY25), surpassing Rs 2 lakh crore for the first time, announced Union Minister for Electronics and IT, Ashwini Vaishnaw, on Tuesday.
Vaishnaw took to social media platform X to share this update, labeling it a record-breaking achievement under the government’s production-linked incentive (PLI) scheme.
The minister revealed that smartphone exports increased by 54 percent compared to the previous financial year, as global value chains (GVCs) increasingly integrate into the Indian economy.
He stated, "The surge in exports is generating significant employment opportunities, with Indian MSMEs becoming integral to the global supply network while the local electronics manufacturing ecosystem expands rapidly," as posted on X.
According to prior industry reports, smartphone exports from India had already exceeded Rs 1.75 lakh crore within the first 11 months (April to February) of FY25, significantly outpacing last year’s figures.
This growth is primarily attributed to the successful implementation of the PLI scheme, which has not only enhanced exports but also contributed to a reduction in imports. Currently, 99 percent of the smartphones used in India are produced domestically.
The India Cellular and Electronics Association (ICEA) had projected smartphone exports to reach $20 billion (approximately Rs 1.68 lakh crore) for FY25, a target that has been exceeded by a substantial margin.
A significant driver of India’s export boom is Apple, with its iPhone supply chain accounting for nearly 70 percent of total exports. The Foxconn facility in Tamil Nadu alone contributed to around 50 percent of shipments, reflecting a 40 percent year-on-year growth.
Tata Electronics has also made considerable contributions, particularly through its Wistron facility in Karnataka and its 60 percent stake in Pegatron’s Tamil Nadu unit, solidifying Tata's position as a key iPhone manufacturer in India.
In related news, reports indicate that Apple is considering increasing its iPhone exports from India to the US to evade steep tariffs on Chinese imports, viewed as a short-term strategy to mitigate the rising costs associated with importing goods from China.
