India’s mobile phone exports nearly double to $5.5 billion till August this fiscal year. | spcilvly

India’s mobile phone exports nearly doubled to $5.5 billion $45,700 crore, till August this financial year, according to estimates by industry body ICEA. ICEA said India’s mobile phone exports between April and August 2023 amounted to around $3 billion, approximately $24,850 crores. A source who did not want to be identified said that Apple exports mobile phones worth more than $23,000 crore, which is a little more than half of the total export.

An email query sent to Apple did not receive a response.

Commenting on the overall mobile phone export, ICEA Chairman Pankaj Mohindroo told PTI that India’s mobile phone exports continue to buck the overall trend of subdued global trade by registering a massive growth of over 80 percent.

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“India continues to strive to be a preferred location for global value chains. Work is in progress but the trend is positive,” Mohindroo said.

According to ICEA estimates, India’s mobile phone exports have doubled to exceed $90,000 crore, around $11.12 billion, in financial year (FY) 2022-23, from $45,000 crore in FY22.

The government expects mobile phone manufacturers to export devices worth $1 crore this year.

The government has set a target of reaching $300 billion in electronics manufacturing by 2025-26, with $120 billion expected to come from exports. Mobile phones are projected to contribute more than $50 billion in exports by 2025-26.

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