Mobile Phone Exports From India Crosses $11 Billion; Apple Clocks 50% Share
India Cellular and Electronics Association said that mobile phones export from India have doubled to surpass Rs 90,000 crore in FY22-23.
Mobile phone exports from India reached close to $11.12 billion with iPhone maker Apple accounting for around half of the total exports, according to industry body ICEA and estimates from industry sources.
India Cellular and Electronics Association said that mobile phones export from India have doubled to surpass Rs 90,000 crore, about $11.12 billion, in the financial year 2023 from Rs 45,000 crore in FY22.
"No economy or sector in the economy can become a great and vibrant global economy without large exports. The mobile phone export juggernaut continues. Riding on the 100% growth in mobile phone exports, which have crossed Rs 90,000 crore for FY 2022-23, electronics exports have also grown by 58% to Rs 1,85,000 crore. It is extremely satisfying that we have crossed the targeted figure of Rs 75,000 crore for the year," ICEA Chairman Pankaj Mohindroo said.
The government has set a target of $10 billion worth of mobile phone exports from the country.
According to industry sources, Apple is estimated to have clocked 50% with export of 'made in India' iPhones worth $5.5 billion, about Rs 45,000 crore.
Sources estimate that Samsung accounts for about 40% share with export worth Rs 36,000 crore.
"Third party exports contributed around $1.1 billion in the total export. These players export phones of all brands that are made in India," the source said.
The government has set the target of achieving $300 billion worth of electronics manufacturing by 2025-26, with $120 billion expected to come from exports. Mobile phones are anticipated to contribute more than $50 billion worth of exports by 2025-26.
According to ICEA, mobile phone exports now account for 46% of the overall electronic goods exports.