India’s Smartphone Exports Hit Record Rs 2 Lakh Crore, Becomes One of Country’s Top Export Commodities

India has achieved a record high in its smartphone exports during the financial year 2024-25 (FY25) by crossing the Rs 2 lakh crore barrier for the first time ever, according to an announcement made by the government. This record indicates a stupendous 54% growth over the last fiscal year (FY24), making smartphones one of the leading export items of the country.

Union Electronics and IT Minister Ashwini Vaishnaw made this great announcement, highlighting the important role Apple iPhone exports had in achieving this figure. "Smartphone exports have hit a new record of Rs 2 lakh crore in financial year 2024-25. They are now one of the highest items exported from India," Vaishnaw said earlier this week. He pointed out that iPhone exports alone accounted for approximately Rs 1.5 lakh crore, or roughly 75% of the overall smartphone export value during the year.

This remarkable growth has been made possible to a large extent by the government's Production-Linked Incentive (PLI) scheme, with the aim to increase local production and bring global players into India. The scheme has not just spurred export growth but has also increased local manufacturing to a huge extent, as reports indicate 99% of smartphones consumed in India are domestically produced.

This milestone is a major victory for the 'Make in India' campaign in the electronics industry. Minister Vaishnaw added that electronics manufacturing in the nation has grown over five times, and exports have grown over six times in the last decade. This expansion is generating a sea of employment opportunities and connecting Indian Micro, Small, and Medium Enterprises (MSMEs) with global value chains.

While smartphone exports hit an all-time high and solidify their place among India's top export items, they are added to the ranks of other major contributors such as engineering goods and petroleum products that have long led the way. Still, the expansion of smartphone exports really speaks to the increasingly prominent role of the sector for the economy.

Source: https://www.moneycontrol.com/news/telecom/india-s-smartphone-exports-hit-record-rs-2-lakh-crore-becomes-country-s-top-export-commodity-12992002.html

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