India’s mobile phone industry has witnessed a remarkable transformation in the past decade, nearing its ambitious target of producing phones worth Rs 20 lakh crore (US$ 240 billion) over the period. This achievement coincides with the country’s emergence as the world’s second largest mobile phone producer and a significant surge in phone exports.
The India Cellular and Electronics Association (ICEA), a leading industry body, announced these developments on Thursday, highlighting key milestones:
- Production: India’s cumulative mobile phone production reached Rs 19.45 lakh crore (US$ 233.4 billion) by 2024, exceeding the ten-year target by nearly 95%. Production volume stood at 2.45 billion units, slightly below the 2.5 billion unit goal.
- Exports: The current fiscal year (FY24) is expected to see phone exports exceeding Rs 1.20 lakh crore (US$ 14.4 billion), marking a staggering 7,500% increase compared to 2014-15. This signifies India’s transition from a net importer to a major exporter of mobile phones.
- Self-sufficiency: The mobile phone sector, which was 78% reliant on imports in 2014, has achieved 97% self-sufficiency by 2024. Currently, only 3% of phones sold in India are imported.
- Growth Drivers: The ICEA attributes this success to various factors, including:
- Policy initiatives: Government programs like the Phased Manufacturing Programme (PMP) and Production-Linked Incentive (PLI) scheme have played a crucial role in driving domestic production and exports.
- Collaboration: Close collaboration between industry players and government ministries, such as MeitY, DPIIT, and the Prime Minister’s Office, has been instrumental in creating a supportive environment.
- Digital push: The growth in mobile phone production and exports is expected to contribute significantly to India’s target of doubling its GDP to US$ 7 trillion by 2030, with the digital sector playing a key role.
This remarkable progress positions India as a major player in the global mobile phone industry, paving the way for further growth and innovation in the coming years.
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