Mobile phone exports from India to touch $5.5bn

Must Read

Mobile phone exports from India to touch $5.5bn

Mobile phone exports from India will increase by 75 percent from $3.16 billion in 2020-21 to over $5.5 billion in the current fiscal, a report said on Thursday.

The primary driver of this outstanding performance is the smartphone PLI Scheme launched on April 1, 2020, aimed at shifting GVCs to India and increasing India’s share in global exports.

The unprecedented increase in smartphone exports is a tribute to government-industry partnership under the most trying circumstances. The government led with its vision and trust in the mobile industry. The industry, in turn, has redefined Atmanirbhar Bharat as Make in India for the World. We are just getting started, – Pankaj Mohindroo, Chairman of ICEA, said in a statement.

Also Read

After an uncertain start in 2020, owing to multiple Covid waves, the industry stabilized operations in 2021 and has delivered results that exceed expectations.

An increase in mobile phone exports also marks an important shift in the export basket which is gradually transforming from primary commodities to more value-added, high-end products driven by technology industries.

The smartphone PLI saw participation from five global companies — Samsung, Foxconn Hon Hai, Rising Star, Wistron, and Pegatron — and Indian champions, including Lava, Bhagwati (Micromax), Padget Electronics, UTL Neolyncs, and Optiemus Electronics.

During a 5-year period, the approved companies under the PLI scheme are expected to lead to the total production of over Rs 10.5 lakh crore, of which nearly 60 percent will be contributed by exports to the tune of Rs 6.5 lakh crore.

It is also expected that during this period, nearly 8 lakh new jobs (2 lakh direct and 6 lakh indirect jobs) will be created in the country.

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

- Advertisement -
- Advertisement -

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Latest

- Advertisement -

Related

- Advertisement -
- Advertisement -