India's mobile phone exports are projected to grow more than fivefold in the coming years, reaching a value of USD 50-60 billion, from USD 11 billion last year, according to Union IT and Communications Minister Ashwini Vaishnaw. Addressing a event, the minister projected a significant rise in employment within the electronics manufacturing sector, estimating an increase from the current figure of approximately 10 lakh to 25 lakh in the near future. He highlighted the remarkable shift in India's mobile phone production, noting that a decade ago, the country imported 98 percent of mobile phones, whereas now, 99 percent of these devices are manufactured domestically.
Last year, mobile phones worth USD 11 billion were exported. In the near future, we anticipate exports to surge to USD 50-60 billion. Currently, 10 lakh individuals are employed in electronics manufacturing. However, we expect this figure to rise to 25 lakh as the industry expands, Vaishnaw announced while presenting India's growth story.
He said India will become the third largest economy by 2027 while it was ranked 11th in 2014. A report published by Jefferies Equity Research last month said that India would become the third-largest economy by 2027 and expected to achieve a market capitalization of USD 10 trillion by 2030. He said that when the country is in 5th spot in terms of economy it has created huge infrastructure in terms of railways, highways, airports etc. The minister said that the government added 5,200 kilometres of railway line last year, which is equivalent to the size of the entire Switzerland railway network.