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The Indian Mobile and Electronics Affiliation (ICEA) has launched knowledge on cell phone manufacturing spanning from 2014 to 2024. The ICEA has highlighted the outstanding evolution over the previous decade, showcasing India’s emergence as a big participant in cell phone manufacturing and export. The ICEA has introduced that India is getting ready to hitting the milestone of Rs 20 lakh crore value of cell phone manufacturing over the previous decade. Moreover, within the present fiscal yr (FY24), cellphone exports have surpassed Rs 1.20 lakh crore, marking a formidable 7,500 per cent enhance in exports over the span of ten years, the media has reported.
Notably, the trade had arrange a aim of attaining Rs 20 lakh crore value of cell phone manufacturing over the previous decade (2014-2024).
The cell phone trade has shifted from counting on imports for 78 per cent of its wants in 2014 to attaining 97 per cent self-sufficiency. Presently, solely three per cent of the overall cell phones offered in India are imported.
“It completed the last decade at Rs 19,45,100 crore cumulative manufacturing. By way of quantity, India produced 2.45 billion models of cell phones over the past decade, in opposition to a aim of two.5 billion models,” the ICEA was quoted as saying.
In 2014, the cell phone sector relied on imports for 78 per cent of its wants. Nonetheless, it has since transitioned to being 97 per cent self-sufficient, with solely three per cent of complete cell phones offered in India being imported.
“It’s believed that the doubling of India’s GDP from the present $3.7 trillion to $7 trillion by 2030 can be led by progress within the digital sector and commerce. In each these areas, electronics manufacturing led by cellular manufacturing will play a essential position,” Pankaj Mohindroo, Chairman, ICEA, mentioned in a press release.
As per the ICEA, the implementation of Manufacturing-Linked Incentives (PLI) in 2020 has revolutionised the trade. These incentives have given strategy to innovation, elevated manufacturing capacities, and attracted substantial investments, marking a big transformation within the sector’s progress over the previous decade. Cell phones at the moment are the nation’s fifth-largest export as a person commodity.
The ICEA reported a outstanding surge in cell phone manufacturing, rising from Rs 18,900 crore in 2014-15 to an estimated Rs 4,10,000 crore in FY24, reflecting a whopping 2,000 per cent enhance. Moreover, cumulative cell phone exports from 2014 to 2024 amounted to an estimated complete of Rs 3,22,048 crore, marking a groundbreaking period in India’s export panorama.
Fueled by this exponential export progress, cell phones have ascended to turn into India’s fifth-largest export commodity.
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