Smartphone PLI Scheme Propels India's Electronics Exports To $22.5 Billion

ENA Sectors 2024-12-26 15:11:01 New Delhi, Dec 26 (KNN) Indias electronics exports have reached an all-time high of USD 22.5 billion in the first eight months of the current financial year (FY25), marking an impressive 28 per cent increase from USD 17.66 billion in the same period of FY24. This robust performance positions electronics as the fastest-growing sector among Indias top-10 exports, underscoring the countrys growing significance in the global electronics market. A key contributor to this stellar growth is the governments Smartphone Production Linked Incentive (PLI) scheme. Launched with the goal of boosting domestic manufacturing and exports, the PLI scheme has catalysed the production of smartphones, which are now driving much of the sector's expansion. This push has not only increased the number of smartphones produced domestically but has also enhanced India's role as a global hub for electronics manufacturing. The surge in electronics exports has significantly altered Indias export landscape. Once ranked 6th in FY24, electronics now ranks 3rd in the countrys export hierarchy, trailing only engineering goods and petroleum. Experts predict that this upward trajectory will continue as India leverages its competitive manufacturing advantages and strengthens its position in the global electronics supply chain. With the continued success of the PLI scheme and other initiatives, India is poised to become a dominant force in the global electronics market in the years to come. (KNN Bureau) 40388 https://knnindia.co.in/news/newsdetails/sectors/smartphone-pli-scheme-propels-indias-electronics-exports-to-225-billion 2024-12-26 15:11:01 knnindia.co.in Smartphone PLI Scheme Propels India's Electronics Exports To $22.5 Billion