India's Mobile Phone Manufacturing Soars To Rs 4.1 Lakh Crore

ENA Sectors 2024-09-19 15:49:56 New Delhi, Sep 19 (KNN) In a significant development for India's electronics sector, mobile phone manufacturing has seen a substantial increase over the past decade, reaching a value of Rs 4.1 lakh crore, according to a recent report. This growth is largely attributed to strategic government initiatives such as the Production-Linked Incentive (PLI) and Phased Manufacturing Programme (PMP) schemes. The electronics industry as a whole has experienced rapid expansion, with local production nearly doubling from USD 48 billion in fiscal year 2017 to USD 101 billion in fiscal year 2023. Current fiscal year estimates suggest production has reached around USD 115 billion, with mobile phones constituting over 43 per cent of total electronics output. India has now emerged as the world's second-largest mobile phone manufacturer, attracting global giants such as Samsung, Apple, and Google to produce their latest smartphone models within the country. This development aligns with the government's 'Make in India' initiative, which aims to transform India into a global manufacturing hub. The report, prepared by Koan Advisory for the Broadband India Forum (BIF), examined various aspects of this growth, including the impact of tariff and customs rates, India's integration into global value chains, and challenges related to ease of doing business. It also explored opportunities for increasing women's workforce participation and strategies to reduce the gender gap in the sector. TV Ramachandran, President, BIF, highlighted the role of government policies and production-linked incentives in attracting major global players and encouraging domestic manufacturers to enhance their production facilities. This has led to a significant increase in mobile phone production, gradually reducing import dependence and creating numerous jobs in the manufacturing sector. S Krishnan, Secretary of the Ministry of Electronics and Information Technology (MeitY), emphasised the government's commitment to supporting PLI beneficiaries in meeting their targets and improving India's overall business environment. Finance Minister Nirmala Sitharaman recently noted the maturation of India's mobile phone industry, citing a threefold increase in domestic production and a nearly 100-fold jump in exports over the last six years. This growth in mobile phone manufacturing represents a key component of India's broader efforts to expand its electronics manufacturing capabilities and establish itself as a major player in the global technology supply chain. (KNN Bureau) 39336 https://knnindia.co.in/news/newsdetails/sectors/indias-mobile-phone-manufacturing-soars-to-rs-41-lakh-crore 2024-09-19 15:49:56 knnindia.co.in India's Mobile Phone Manufacturing Soars To Rs 4.1 Lakh Crore