India has accomplished a significant milestone in its electronics industry, emerging as the world’s second-largest mobile manufacturer, reveals the latest data from the India Cellular and Electronics Association (ICEA).
Rapid Growth in Manufacturing and Exports
Over the past decade, India has produced a staggering 2.45 billion mobile phones valued at Rs 4.1 lakh crore. Notably, this figure stood at Rs 18,900 crore in 2014-15.
Leading global brands such as Apple, Xiaomi, Oppo, Vivo, and Lava, represented by ICEA, have contributed to this remarkable growth.
Towards Self-Reliance
From being 78 percent dependent on imports in 2014, India’s mobile manufacturing sector has now achieved 97 percent self-reliance.
With a target of Rs 20 lakh crore set for the next decade, the industry has already achieved a production value of Rs 19.45 lakh crore.
Exponential Increase in Exports
In 2014-15, mobile phone exports from India amounted to a modest Rs 1,556 crore.
However, projections for the financial year 2024 estimate exports to soar to Rs 1.2 lakh crore, indicating a staggering 7500 percent increase over the decade.
Total exports during this period have reached Rs 3.22 lakh crore, propelling mobile phones to become India’s 5th largest export commodity.
Future Outlook
Chairman of ICEA, Pankaj Mahendru, highlighted the pivotal role of the digital sector in India’s economic growth.
With expectations of India’s GDP doubling by 2030, the digital sector, particularly electronics manufacturing spearheaded by mobile phones, is poised to play a crucial role in this trajectory.
