Mobile exports jump to $5.5 billion

Mobile phone exports from India almost doubled to $ 5.5 billion, about Rs 45,700 crore, till August this financial year, according to industry body ICEA’s estimates.

ICEA said, mobile phone exports from India between April-August 2023 was around $ 3 billion, about Rs 24,850 crore. A source, who did not wish to be named, said, with Apple exported mobile phones worth more than Rs 23,000 crore, thereby accounting for a little over half of the total export.

Commenting on the overall mobile phone export, ICEA Chairman Pankaj Mohindroo told that mobile phone exports from India continue to buck the overall trend of muted global trade by registering a massive growth of more than 80 per cent.

“India continues to strive hard to be a preferred location for GVCs. It is work in progress but the trend is positive,” Mohindroo said.

According to ICEA estimates, mobile phone exports from India have doubled to surpass Rs 90,000 crore, about $ 11.12 billion, in the financial year (FY) 2022-23, from Rs 45,000 crore in FY22.

The government expects mobile phone players to export devices worth Rs 1 trillion this year.

The government has set the target of achieving $ 300 billion worth of electronics manufacturing by 2025-26, with $ 120 billion expected to come from exports. Mobile phones are anticipated to contribute more than $ 50 billion worth of exports by 2025-26.