All You Need To Know About India Approaching Rs 20 Lakh Crore Mobile Production Target
India is close to achieving the target of Rs 20 lakh crore worth of mobile phone production in the last 10 years, but will surpass Rs 1.20 lakh crore worth of phone exports in the current financial year (FY24), marking a whopping 7,500% year-on-year export growth. decade – India Cellular and Electronics Association (ICEA), the leading electronics industry body, said on Thursday.
The industry had set itself the goal of 20,000,000 trillion worth of mobile phone production in the last 10 years (2014-2024).
“It ended the decade with a cumulative production of Rs 19,45,100 crore. In quantitative terms, India produced 2.45 billion units of mobile phones in the last decade, against a target of 2.5 billion units,” according to ICEA.
At the end of the decade (2014-2024), India is now the world’s second largest producer of mobile phones, with 30 percent of FY24 production now destined for export.
The mobile phone industry has moved from 78 percent import dependence in 2014 to 97 percent self-sufficiency, and only 3 percent of the mobile phones sold in India are now imported goods.
In 2014-15, mobile phone exports from India were just Rs 1,556 billion.
“It is believed that the doubling of India’s GDP from the current $3.7 trillion to $7 trillion by 2030 will lead to growth in the digital sector and trade. In both these areas, electronics manufacturing driven by mobile manufacturing will play a critical role,” said Pankaj Mohindroo, ICEA President.
ICEA said mobile phone production also increased from Rs 18,900 crore in 2014-15 to an estimated Rs 4,10,000 crore in FY24, a growth of 2,000 per cent.
The cumulative exports of mobile phones during the period 2014-2024 reached an estimated Rs 3,22,048 crore, marking a new era in Indian exports.
Driven by this growth in exports, mobile phones have now become India’s fifth largest single commodity export.
This explosive growth in production, exports and self-sufficiency is due to the favorable political environment and close cooperation between the industry and key ministries such as MeitY, DPIIT, Ministry of Commerce, Ministry of Finance, NITI Aayog and Cabinet Office. (PMO).
“The Phased Manufacturing Program (PMP) announced in 2017 and the Production Linked Incentive (PLI) announced in 2020 have been critical in this leap in helping India transform from an import-dependent nation to an economy that accounts for 30 percent of its total mobile production in the current financial year,” said the industry body.
