India Produced Nearly Rs 29 Lakh Crore Worth Of Mobile Phones In 10 Years: ICEA
The mobile phone industry has shifted from relying on imports for 78 per cent of its needs in 2014 to achieving 97 per cent self-sufficiency.
The Indian Cellular and Electronics Association (ICEA) has released data on mobile phone production spanning from 2014 to 2024. The ICEA has highlighted the remarkable evolution over the past decade, showcasing India's emergence as a significant player in mobile phone manufacturing and export. The ICEA has announced that India is on the brink of hitting the milestone of Rs 20 lakh crore worth of mobile phone production over the past decade. Additionally, in the current fiscal year (FY24), phone exports have surpassed Rs 1.20 lakh crore, marking an impressive 7,500 per cent increase in exports over the span of ten years, the media has reported.
Notably, the industry had set up a goal of achieving Rs 20 lakh crore worth of mobile phone production over the past decade (2014-2024).
The mobile phone industry has shifted from relying on imports for 78 per cent of its needs in 2014 to achieving 97 per cent self-sufficiency. Currently, only three per cent of the total mobile phones sold in India are imported.
"It finished the decade at Rs 19,45,100 crore cumulative production. In terms of volume, India produced 2.45 billion units of mobile phones during the last decade, against a goal of 2.5 billion units," the ICEA was quoted as saying.
In 2014, the mobile phone sector relied on imports for 78 per cent of its needs. However, it has since transitioned to being 97 per cent self-sufficient, with only three per cent of total mobile phones sold in India being imported.
"It is believed that the doubling of India's GDP from the current $3.7 trillion to $7 trillion by 2030 will be led by growth in the digital sector and trade. In both these areas, electronics manufacturing led by mobile production will play a critical role," Pankaj Mohindroo, Chairman, ICEA, said in a statement.
As per the ICEA, the implementation of Production-Linked Incentives (PLI) in 2020 has revolutionised the industry. These incentives have given way to innovation, increased production capacities, and attracted substantial investments, marking a significant transformation in the sector's growth over the past decade. Mobile phones are now the country's fifth-largest export as an individual commodity.
The ICEA reported a remarkable surge in mobile phone production, growing 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 increase. Furthermore, cumulative mobile phone exports from 2014 to 2024 amounted to an estimated total of Rs 3,22,048 crore, marking a groundbreaking era in India's export landscape.
Fueled by this exponential export growth, mobile phones have ascended to become India's fifth-largest export commodity.
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