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by IANS |
New Delhi, March 25 (IANS) In a big boost for local manufacturing, the country is set to witness its electronics exports surpass Rs 3 lakh crore for the first time this fiscal (FY25), driven by smartphones.
As per latest industry data, electronics exports reached Rs 2.87 lakh crore in the 11 months in FY25 (April-February), an impressive growth of 35 per cent from Rs 2.11 lakh crore in the same period last fiscal (FY24).
At Rs 1.75 lakh crore, smartphones continue to be the top contributor to electronics exports growth in the April-February period, according to industry data. It constitutes a 54 per cent jump over the corresponding figure for the same period of FY2023-24.
Apple’s iPhone exports reached Rs 1.25 lakh crore in the first 11 months of FY25, contributing 43 per cent of the total electronics exports and 70 per cent of the total smartphone exports.
The government expected smartphone exports to reach $20 billion (Rs 1.68 lakh crore,) during 2024-25, but the estimate has already been exceeded in 11 months of the current financial year, as per data from the India Cellular and Electronics Association (ICEA).
India’s electronics goods exports, led by smartphones, have been accelerating in recent years on the back of government’s production-linked incentive (PLI) scheme which has succeeded in attracting foreign tech giants such as Apple and its suppliers, looking to set up alternative supply chains outside China after the Communist country came under US sanctions.
The PLI scheme has boosted exports and reduced imports, as domestic production now meets 99 per cent of domestic demand.
Around 70 per cent of the exports were contributed by Apple’s iPhone supply chain with Tamil Nadu-based Foxconn plant, accounting for close to 50 per cent of the overseas shipments. Exports from the Foxconn factory registered an over 40 per cent jump over the same period of the previous financial year.
Another 22 per cent of the exports came from iPhone vendor Tata Electronics, which has acquired the Wistron smartphone manufacturing factory in Karnataka. Another 12 per cent of the export consignments came from the Pegatron facility in Tamil Nadu in which Tata Electronics acquired a 60 per cent stake towards January-end. With the acquisition of the two Taiwanese companies, the Tata group has also emerged as a major producer of iPhones in the country.
South Korean tech giant Samsung contributed around 20 per cent of the total smartphone exports from India.
Meanwhile, the production-linked incentive (PLI) schemes have clocked Rs 1.61 lakh crore in investment, Rs 14 lakh crore in production and Rs 5.31 lakh crore in exports while creating 11.5 lakh jobs.
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