Mobile Phone Exports Surge To Rs 75,000 Cr By November, Set To Exceed Rs 1.24 Lakh Cr In FY24

New Delhi, Jan 1 (KNN) Mobile phone exports from India have witnessed a substantial increase from April to November in the current fiscal year reaching Rs 75,000 crore, as per industry data, on Sunday.

Driven by Apple, India is on track to surpass USD 15 billion (equivalent to over Rs 1,24,000 crore) in mobile phone exports. The momentum is evident in the latest statistics, with the country poised to exceed Rs 1,24,000 crore in the fiscal year 2023-24.

Due to substantial investments from original equipment manufacturers, original design manufacturers, and component companies, the nation has become the second-largest manufacturing centre for mobile phones.

During FY2022-23, the share of mobile phone exports accounted for USD 11.1 billion out of the USD 23.6 billion of electronic exports.

Whereas in FY2023-24, it is expected to reach USD 15 billion out of USD 26 billion electronic exports.

With the goal of relocating production away from China, Apple plans to manufacture over 50 million iPhones annually in India. The tech company aims to accomplish this target within the next two to three years, with plans for additional tens of millions of units in subsequent years, as reported.

Companies ranging from Apple to Foxconn, are looking to capitalise on domestic capabilities for supply chain diversification and to enhance production scale by engaging in manufacturing activities within the country.

(KNN Bureau)