India's Mobile Manufacturing Sector Soars: A Decade of Phenomenal Growth

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India's Mobile Manufacturing Sector Soars: A Decade of Phenomenal Growth

Team FS

11/Mar/2024

Key Points:

India's mobile phone manufacturing sector sees a remarkable 21-fold increase, reaching US$ 49.3 billion in value.
Government initiatives, particularly the Production Linked Incentive (PLI) scheme, drive global player participation and boost local production.
India now meets 97% of its mobile phone demand domestically, with 30% production slated for export in FY24.
Mobile phone exports projected to hit US$ 14.4 billion by FY24, marking a 7500% growth over the decade.
Key players like Apple and Samsung contribute significantly to mobile phone exports, aided by government programs.
Collaborative efforts between industry and government foster conducive policies, positioning India as the world's second-largest mobile phone producer.

Over the past decade, India's mobile phone manufacturing sector has undergone a remarkable transformation, witnessing an astonishing 21-fold increase in value to reach US$ 49.3 billion (Rs. 4.1 lakh crore). This growth story owes much to strategic government initiatives, most notably the Production Linked Incentive (PLI) scheme, which has not only attracted global players but also propelled local production to new heights.

Today, India stands proud as it meets 97% of its mobile phone demand domestically, with a significant portion—30%—of the production earmarked for export in the financial year 2024. This shift towards global market participation is a testament to the country's burgeoning manufacturing prowess.

Projections indicate that mobile phone exports from India are set to soar to US$ 14.4 billion (Rs. 1.2 lakh crore) by FY24, marking an extraordinary 7500% growth over the decade. Key players such as Apple and Samsung have been instrumental in this journey, particularly in the smartphone segment, leveraging government programs like the Phased Manufacturing Programme and the PLI scheme.

The collaborative efforts between industry stakeholders and key government ministries have created a conducive policy environment, catapulting India to the position of the world's second-largest mobile phone producer. Mobile phones now stand as the nation's fifth-largest export commodity, a testament to India's growing influence in the global tech landscape.

As India continues to strengthen its foothold in mobile manufacturing, the future holds promise for further growth and innovation, propelled by continued government support and industry collaboration.

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India's Mobile Manufacturing Sector Soars: A Decade of Phenomenal Growth

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