New Record: India Exports $1 Billion Worth Of Mobile Phones In September
October 15, 2022: Cellphone exports from the country more than doubled to $4.2 billion during April-September 2022 from $1.7 billion during the same period last year.
The September 2022 export figure is significantly higher than the previous monthly record of $770 million in December 2021.
Thanks to the government’s Production-Linked Incentive (PLI) scheme, India received $1 billion in September exported mobile phones worth 8,200 crore, a first-time achievement for cellphone device manufacturers in the country.
The PLI scheme has helped boost local manufacturing of global device makers like Apple and Samsung.
According to the Economic Times, cellphone exports from the country more than doubled to $4.2 billion during April-September 2022 from $1.7 billion during the same period last year.
The September 2022 export figure is significantly higher than the previous monthly record of $770 million in December 2021.
This year each India exported devices worth $700 million per month during the June-August period, the report added.
Exports in September 2022 show over 200% growth over September 2021 shipments. Pankaj Mohindru, chairman of cellphone industry body India Cellular and Electronics Association (ICEA), told ET that the industry is focusing on lower tariffs, improved logistics, labor reforms and a smarter ecosystem to sustain high growth.
Export growth is driven primarily by Apple contract manufacturers Foxconn, Wistron and Pegatron, as well as Samsung;
These companies announced in April 2020 by the government Rs. 40,995 crore PLI scheme has leading global participants.
Global manufacturers account for 75-80% of the total mobile phone exports from India. ICEA said that exports accounted for only 1% of India’s GDP in 2016-17, but this share has increased to 16% in 2021-22.
The industry body expects this figure to rise to 22% of production in 2022-23. The PLI scheme was aimed at attracting manufacturers to set up bases in India and away from China and Vietnam, the global leaders in cellphone exports.
The government aims to increase exports to $60 billion by 2025-26, the report added. The government wanted to emulate PLI’s success in mobile phone manufacturing and extend the scheme to other sectors such as automobiles and auto components,
IT hardware, telecom equipment and design, pharmaceuticals, solar modules, metals and mining, textiles and apparel, white goods, etc. . , drones and advanced chemistry cell batteries.
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