In a remarkable development, India has witnessed an impressive 22.24 per cent surge in electronics exports, achieving a significant milestone by surpassing the $20 billion mark within the initial nine months of the financial year 2023-24 (FY24). According to a comprehensive report by The Economic Times (ET), this surge is attributed to the booming smartphone shipments, notably led by the renowned Apple iPhone.
The data, sourced from the India Cellular and Electronics Association (ICEA) and reported by ET, highlights that mobile phone exports constitute a substantial 52 per cent of the total electronics exports, reaching a notable $10.5 billion between April and December 2023. iPhones, in particular, emerged as the primary driving force behind this export surge, contributing a remarkable 35 per cent to the total electronics exports and an astonishing 70 per cent to the country’s overall mobile exports during this period. Notably, in December 2023 alone, iPhone exports exceeded an impressive $7 billion.
The report further emphasizes that electronics exports have experienced the fastest growth among the top 10 export categories in the current financial year. This robust growth has propelled the sector to the fifth position from its sixth-place standing in the previous year. The success is attributed to the implementation of the smartphone production-linked incentive (PLI) scheme initiated by the Modi government in 2021.
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