Smartphone Exports Ring in Record $18.31 Billion in 10 Months of FY25

Image Source: The Financial Express

India's smartphone export industry keeps on surging, reaching an eye-popping $18.31 billion in exports in the first 10 months of the fiscal year 2024-25. This is a historic high, influenced by the production-linked incentive (PLI) scheme that has lured biggies like Apple and Samsung to accelerate production and exports out of India.

Apple's iPhone ecosystem is at the forefront, accounting for approximately 65% of all smartphone exports, with key players like Foxconn in Tamil Nadu and Tata Electronics in Karnataka taking center stage. Samsung comes in second with approximately 20% of the share of exports, followed by Indian companies and re-exports. The boom marks a 44% rise compared to last year, highlighting India's increasing standing as a worldwide smartphone manufacturing center.

The boom in exports has led electronics to emerge as India's third-largest export industry after engineering goods and petroleum products. The sector has also created more than 300,000 direct employment opportunities and 600,000 indirect opportunities, making it a mainstay of employment.

With local manufacturing and supply chain diversification away from China encouraged by government policies, India is not only bridging the gap with established leaders such as China and Vietnam but also making ambitious plans to achieve $20 billion in smartphone exports by FY25.

Source: Economic Times, IANS, Financial Express