PM Modi: India continues to make strides in world of manufacturing
Mobile phone exports raced past 5 billion mark in record time
PM Narendra Modi has expressed happiness over mobile Phone exports getting more than double year on year in April to October of this fiscal.
The mobile phone exports raced past 5 billion dollar mark within seven months, which is more than double of 2.2 billion dollar that India clocked in same period of last year.
In reply to a tweet of Minister of State for Electronics and IT Rajeev Chandrasekhar in this regard, Mr. Modi said that India continues to make strides in the world of manufacturing.
It is expected that at the current pace, exports from India will surpass the entire Fiscal Year 22 figure by early December itself, and end Fiscal year 23 in the 8.5-9 billion dollars range.
The country exported mobile phones worth 5.8 billion dollars in FY22.
Backed by the production-linked incentive (PLI) scheme, Apple and Samsung contribute over 90 percent of India's mobile phone exports.
According to industry body India Cellular and Electronics Association, as exports grow, India has also reduced dependency on mobile imports to around five percent in FY22, from as high as 78 percent in 2014-15.
India aims to export 60 billion dollars of cell phones by 2025-26.
The PLI scheme has attracted the world's largest mobile phone companies such as Apple to expand operations and set up new bases in India.