Smartphone Exports Hit Record Rs 1.55 Tn, Up 56% In FY25

ENA Sectors 2025-02-17 14:11:57 New Delhi, Feb 17 (KNN) India's smartphone exports have achieved an unprecedented milestone, reaching Rs 1.55 trillion during the April-January period of the current fiscal year, surpassing the previous year's total of Rs 1.31 trillion. January 2025 marked a particularly significant achievement with record monthly exports of Rs 250 billion, representing a 140 percent increase compared to the same month in the previous year. The robust export performance demonstrates a 56 percent growth in the first ten months of the fiscal year compared to the corresponding period in FY24, when exports stood at Rs 991.2 billion. This growth has been primarily driven by Apple's iPhone manufacturers, which account for approximately 70 percent of total exports, with Foxconn's Tamil Nadu facility contributing about half of the total volume and recording a 43 percent year-over-year growth. The export landscape has been further strengthened by significant contributions from other major manufacturers. Tata Electronics, operating from its recently acquired Wistron facility in Karnataka, has captured 22 percent of the export market. Pegatron's Tamil Nadu operations, in which Tata Electronics has recently invested, contribute 12 percent. Samsung maintains a substantial presence with 20 percent of total exports, while domestic firms and merchant exports constitute the remaining share. Electronics and Information Technology Minister Ashwini Vaishnaw has set an ambitious target of USD 20 billion (Rs 1.68 trillion) in smartphone exports for FY25, reflecting confidence in the sector's growth trajectory. This projection is particularly noteworthy given that smartphones have risen from being India's 67th-largest export a decade ago to now holding the second position. The implementation of the Production Linked Incentive (PLI) scheme has been instrumental in this growth story. Since its introduction in April 2020 and full implementation in April 2021, exports have shown remarkable year-on-year growth, increasing from Rs 233.9 billion in FY21 to Rs 473.4 billion in FY22, then doubling to Rs 916.5 billion in FY23, and further rising to Rs 1.31 trillion in FY24. The success of the PLI scheme extends beyond smartphone manufacturing. According to a government notification from July 2024, the Telecom PLI scheme has attracted Rs 3,400 crore in investments within three years, leading to telecom equipment production exceeding Rs 50,000 crore and exports of approximately Rs 10,500 crore. This initiative has generated over 17,800 direct jobs and numerous indirect employment opportunities, reinforcing India's position as an emerging global manufacturing hub. (KNN Bureau) 41088 https://knnindia.co.in/news/newsdetails/sectors/smartphone-exports-hit-record-rs-155-tn-up-56-in-fy25 2025-02-17 14:11:57 knnindia.co.in Smartphone Exports Hit Record Rs 1.55 Tn, Up 56% In FY25