Blitz Bureau
New Delhi, April 8 India’s smartphone exports touched a new milestone in the financial year 2024-25 (FY25), as it crossed Rs 2 lakh crore for the first time, Union Minister for Electronics and IT, Ashwini Vaishnaw, said on Tuesday.
Vaishnaw shared the update on social media platform X, calling it yet another record-breaking moment under the government’s production-linked incentive (PLI) scheme.
The Union Minister informed that smartphone exports grew by 54 per cent over the last financial year as global value chains (GVCs) continued to integrate into the Indian economy.
“The rise in exports is creating massive employment opportunities, with Indian MSMEs becoming part of the global supply network and the local electronics manufacturing ecosystem expanding rapidly,” Vaishnaw wrote on X.
As per earlier industry data, smartphone exports from India had crossed Rs 1.75 lakh crore in just 11 months (April to February) of FY25, which outpaced last year’s performance.
The growth was largely credited to the success of the PLI scheme, which has not only boosted exports but also helped reduce imports. Today, 99 per cent of the smartphones used in the country are made in India.
The India Cellular and Electronics Association (ICEA) had estimated smartphone exports to reach $20 billion (around Rs 1.68 lakh crore) for FY25, but the figure was surpassed by a huge margin.
The biggest contributor to India’s export surge is Apple, whose iPhone supply chain made up nearly 70 per cent of total exports. The Foxconn plant in Tamil Nadu alone accounted for about 50 per cent of shipments, recording a 40 per cent year-on-year jump.
Tata Electronics also played a major role with contributions from its Wistron facility in Karnataka and a 60 per cent stake in Pegatron’s Tamil Nadu unit, making Tata a key iPhone producer in the country.
Meanwhile, reports suggest that Apple is planning to boost its iPhone exports from India to the US as a way to sidestep the steep tariffs on Chinese goods. The move is being considered as a temporary measure to offset the rising costs of importing products from China.(IANS)