Last Updated: March 08, 2024, 09:44 IST
India’s smartphone manufacturing is touching new heights.
India now stands because the world’s second largest producer of cell phones, and 30 per cent of manufacturing in FY24 will now be meant for exports.
India is near attaining the goal of Rs 20 lakh crore value cell phone manufacturing within the final 10 years, whereas crossing Rs 1.20 lakh crore value telephone exports within the present fiscal 12 months (FY24) — a whopping 7,500 per cent enhance in exports over a decade — prime electronics trade physique India Cellular and Electronics Association (ICEA) mentioned on Thursday.
The trade had set itself a goal of Rs 20 lakh crore value cell phone manufacturing over the past 10 years (2014-2024).
“It finished the decade at Rs 19,45,100 crore cumulative production. In terms of volume, India produced 2.45 billion units of mobile phones during the last decade, against a goal of 2.5 billion units,” based on the ICEA.
At the tip of the last decade (2014-2024), India now stands because the world’s second largest producer of cell phones, and 30 per cent of manufacturing in FY24 will now be meant for exports.
The cell phone sector has transitioned from being 78 per cent import dependent in 2014 to 97 per cent self-enough and simply 3 per cent of the whole cell phones bought in India at the moment are imported.
In 2014-15, cell phone exports from India have been a mere Rs 1,556 crore.
“It is believed that the doubling of India’s GDP from the current $3.7 trillion to $7 trillion by 2030 will be led by growth in the digital sector and trade. In both these areas, electronics manufacturing led by mobile production will play a critical role,” mentioned Pankaj Mohindroo, Chairman, ICEA.
Mobile telephone manufacturing additionally surged from Rs 18,900 crore in 2014-15 to an estimated Rs 4,10,000 crore in FY24, registering a rise of two,000 per cent, mentioned the ICEA.
Cumulative exports of cell phones through the interval 2014-24 reached a complete estimate of Rs 3,22,048 crore – a brand new period in India’s exports.
Driven by this export development, cell phones have now grow to be India’s fifth largest export as a person commodity.
This exponential development in manufacturing, exports and self-sufficiency stems from a conducive coverage atmosphere, and an in depth working relationship between trade and key authorities ministries comparable to MeitY, DPIIT, Ministry of Commerce, Ministry of Finance, NITI Aayog and the Prime Minister’s Office (PMO).
“Initiatives such as phased manufacturing programme (PMP) announced in 2017 and production-linked incentive (PLI) announced in 2020 have been critical in this leap to help transform India from an import-dependent nation to an economy which will export 30 per cent of its total mobile production in the current financial year,” mentioned the trade physique.
(This story has not been edited by News18 workers and is revealed from a syndicated information company feed – IANS)
