A New Record: India Exports Mobile Phones Worth $1 Billion in September
Photo: ET now digital
Under the government’s Production Linked Incentives (PLI) scheme, India exported mobile phones worth $1 billion or Rs 8,200 crore in the month of September, a first achievement for cellphone makers. cell phones in the country.
September 2022 exports mark a growth of more than 200% compared to September 2021 shipments.
Pankaj Mohindroo, chairman of India’s mobile phone industry body India Cellular and Electronics Association (ICEA), told ET that the industry was focused on lower tariffs, improved logistics, labor reforms and a deeper ecosystem to support strong growth.
Export growth is mainly driven by Apple suppliers Foxconn, Wistron and Pegatron as well as Samsung; these companies are the major global participants in the government PLI scheme of Rs 40,995 crore announced by the government in April 2020.
Global manufacturers account for 75-80% of India’s total mobile phone exports.
The ICEA said exports accounted for just 1% of Indian production in 2016-2017, but their share rose to 16% in 2021-22. The industry body expects that figure to rise to 22% of production in 2022-23.
The PLI program aimed to incentivize manufacturers to establish bases in India and away from China and Vietnam, which are world leaders in mobile phone exports. The government aims to increase exports to $60 billion by 2025-2026, the report adds.
The government wanted to emulate PLI’s success in manufacturing mobile phones and extended the program to other sectors such as automotive and automotive components, computer hardware, telecommunications equipment and design, pharmaceuticals, solar modules, metals and mining, textiles and clothing, white goods. , drones and cell batteries with advanced chemistry.