City
Epaper

India's electronics sector exports cross Rs 1,85,000 cr, mobiles alone surpass Rs 90K cr

By IANS | Published: April 12, 2023 6:36 PM

New Delhi, April 12 Led by locally-manufactured mobile phones, India's electronics industry saw a record exports of electronic ...

Open in App

New Delhi, April 12 Led by locally-manufactured mobile phones, India's electronics industry saw a record exports of electronic goods at an estimated Rs 1,85,000 crore in FY22-23A - compared to Rs 1,16,936 crore in FY21-22 - marking a whopping 58 per cent increase, the the India Cellular and Electronics Association (ICEA) said on Wednesday.

The mobile phone exports made history by crossing the $10 billion threshold for the first time in any fiscal year, reaching an estimated $ 11.12 billion (over Rs 90,000 crore) in FY23.

Mobile phone exports rose from Rs 45,000 crore in FY 21-22 to Rs 90,000 crore, surpassing the previous estimate of Rs 75,000 crore.

Mobile phone exports now account for 46 per cent of the overall electronic goods exports, underlining the vital role of this sector in India's electronics export market.

This growth has been primarily driven by the Apple ecosystem, which alone crossed a record $5 billion in exports from India in FY23.

Top exporting destinations for mobile phones include the UAE, the US, the Netherlands, the UK, and Italy.

"The mobile phone export juggernaut continues. It is extremely satisfying that we have crossed the targeted figure of 75,000 crores for the year. Industry and government in partnership are strenuously working on replicating this in other verticals," said Pankaj Mohindroo, Chairman, ICEA.

"We must remain focused on the road ahead and continue to push the boundaries of what we can accomplish in the future," he added.

The outstanding performance of the performance-linked incentive (PLI) scheme for mobile phones serves as an inspiration for other electronic segments to emulate this success in increasing manufacturing and exports.

"By fostering a collaborative environment between the industry and the government, we can create new opportunities for growth and innovation, ultimately fulfilling the ambitious vision of $300 billion for the electronics sector by 2025-26," said Mohindroo.

Mobile phones alone are anticipated to contribute more than $50 billion worth of exports by 2025-26.


na/vd

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: India cellular and electronics associationindiaNew DelhiPankaj MohindrooThe new delhi municipal councilDelhi south-westIceaIndiUk-indiaRepublic of indiaIndia india
Open in App

Related Stories

NationalLok Sabha Election 2024: I.N.D.I.A Bloc Talking About Having 5 PMs in 5 Years, Claims PM Modi

NationalNew Delhi: 50-Year-Old Man Dies in House Fire in Sangam Vihar

NationalLok Sabha Election 2024: I.N.D.I.A Bloc Doesn’t Have Any Leader Who Can Become Prime Minister, Says Amit Shah

International"New India is...": Pak UN envoy brings up "targeted assassinations" in homeland, elsewhere

BusinessCentre Refutes Claims of Spice Ban by Hong Kong and Singapore: Sources

Technology Realted Stories

TechnologyResearchers finds hidden threats with advanced x-ray imaging

TechnologyFinayo partners BYBY to provide financing options for customers buying e-rickshaws

Technology1st data from ESA's Euclid telescope offers snapshot of cosmic history

TechnologyUPI integration spurs growth in RuPay credit cards: Report

TechnologyMamaearth's parent firm Honasa logs Rs 30 crore PAT in Jan-March quarter