India Cellular and Electronics Association (ICEA) reports that the country’s electronics manufacturing sector has achieved its ten-year aim and is now the world’s second-largest producer of mobile phones.
Top smartphone companies like Apple, Xiaomi, Oppo, and Vivo are represented by ICEA, which reports that India produced 2.45 billion mobile phones valued at INR 4.1 lakh crore in 2015–16 as opposed to INR 18,900 crore in 2014–15.
The trade association added that the industry has moved from 78% import dependency in 2014 to 97% self-sufficiency at present. Just 3% of all mobile phones sold in India are foreign, according to Moneycontrol.
It is projected that trade and the expansion of the digital industry will drive India’s GDP to double from its present level of $3.7 trillion to $7 trillion by 2030. Pankaj Mohindroo, Chairman of the ICEA, stated that electronics manufacturing, driven by mobile production, will be crucial in both of these areas.
“The next stage is to make sure that we can move electronics GVCs to India in order to boost domestic value addition and generate large-scale manufacturing jobs. This in turn necessitates manufacturing that can run at a scale never seen in India before as well as unparalleled competitiveness, he continued.
Over the course of 2014–24, mobile phone exports totaled an estimated INR 3.2 lakh crore. Mobile phones are currently India’s fifth-largest export as a single commodity, driven by this surge in exports.
With a projected INR 1.2 Lakh Cr in exports by the end of FY24, the industry anticipates a 7,500% rise in exports over the previous ten years.
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This occurs at a time when the majority of international smartphone makers are focusing on the Indian market. Nothing, the most recent, is cofounder of OnePlus Carl Pei.
Because of the increasing geopolitical tensions between Beijing and Washington DC, as well as the numerous incentives being offered by the Indian government, several of them are moving a portion of their manufacturing from China to India.
To entice these original equipment manufacturers (OEMs), the Center has established a production-linked plan (PLI), and state and local governments have thrown out their arms and offered incentives including expedited land acquisition and clearances.
As a result, an increasing number of businesses are heading straight for India. A few weeks ago, Dixon Technologies and Karbonn Group, two Indian manufacturers, announced a collaboration with BBK Group, a Chinese phone manufacturer, to produce their Oppo, Vivo, and Realme smartphones.
