The electronics manufacturing industry has met its objectives set a decade ago, becoming the world’s second-largest maker of mobile phones, generating products worth Rs4.1 lakh crore, according to an industry body.
The India Cellular and Electronics Association (ICEA), which represents the leading smartphone brands and manufacturers, estimates that the sector ended the decade with 2.45 billion mobile phone units produced, valued at Rs 4.1 lakh crore in FY24, up from Rs 18,900 crore a decade earlier.
According to the ICEA, the electronics sector set a target of Rs 20 lakh crore over ten years and has produced Rs 19.45 lakh crore in total.
Mobile phone exports totaled an estimated Rs 3.22 lakh crore during 10 years, making it India’s fifth largest exported product. In the current fiscal year, 30 per cent of output will be exported.
“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”, said Pankaj Mohindroo, chairman, ICEA.
“As a next step, we have to ensure that we can shift electronics GVCs to India to create large-scale manufacturing, jobs and increase domestic value addition. This, in turn, requires unprecedented competitiveness and factories that can operate at scale of the kind that has never been witnessed in India”, he added.
The association attributed the accomplishment to a favourable policy climate and tight collaboration between industry and key government departments.
