India to cross Rs 1,20,000 cr in mobile exports in FY24, Apple to surpass 50% share: ICEA

INTERNATIONAL DESK: India is set to cross Rs 1,20,000 crore in mobile phone exports in the current fiscal year driven by tech giant Apple on the back of friendly government policies and production-linked incentive (PLI) scheme, the country’s top electronics industry body told news agency IANS.

India Cellular and Electronics Association (ICEA) said that mobile phone exports have already registered a massive 128 per cent growth in the months of April-May this year.

Pankaj Mohindroo, Chairman, ICEA, told IANS, “Mobile phone exports growth in 2023-24 have bucked the trend of falling exports with a growth of 128 per cent in the first two months of 2023-24.”

“We are confident of crossing Rs 120,000 crore in this financial year compared to Rs 90,000 crore in the last financial year which was a phenomenal 90 per cent growth,” Mohindroo added.

According to the ICEA, Apple’s share is set to exceed 50 per cent in FY24.

In May, iPhone exports reached a record Rs 10,000 crore, pushing the total mobile shipments from the country to Rs 12,000 crore.

The country surpassed a remarkable Rs 90,000 crore worth of smartphone exports in the fiscal year 2022-2023.

In terms of exports, the top five global destinations India currently exports mobile phones to are the UAE, the US, the Netherlands, the UK and Italy.

According to Mohindroo, “The mobile phone industry will cross $40 billion manufacturing output.”

According to estimates, India and Vietnam are set to become the biggest beneficiaries of smartphone supply chain migration out of China. (ET)