Team Blitz India
NEW DELHI: India witnessed a 22.24 per cent surge in electronics exports, surpassing the $20 billion milestone within the nine months of the financial year 2023-24 (FY24). This was spearheaded by surging smartphone shipments, especially Apple’s iPhone, according to a report byThe Economic Times (ET).
Mobile phone exports, accounting for 52 per cent of total electronics exports, reached $10.5 billion between April and December 2023. Notably, iPhones emerged as the primary driver of exports, contributing 35 per cent of the total electronics exports and a staggering 70 per cent to the country’s overall mobile exports during this period. In December 2023 alone, iPhone exports exceeded $7 billion.
The data, provided by the India Cellular and Electronics Association (ICEA), indicates that electronics exports experienced the fastest growth among the top 10 export categories in the current financial year, elevating the sector to the fifth position from sixth last year. This growth is attributed to the smartphone production-linked incentive (PLI) scheme initiated under the Modi-government in 2021.
ICEA forecasts mobile phone exports to reach $14-15 billion by the end of FY2. If the current growth trajectory persists, electronics exports are likely to secure the fourth position by March, marking a two-rank jump within a single financial year.
