Thursday, April 20, 2023

Exports of smartphones doubled to Rs 90,000 crore in FY23

Indian smartphone exports reached $10 billion for the first time ever in 2022-23, surpassing Rs 90,000 crore ($11.2 billion) on a 100% growth rate, with almost no Chinese phone manufacturers present. Apple and Samsung led the way, helped along by the government's production-linked incentive (PLI) program.

Although companies from the neighboring nation, such as Xiaomi, Oppo, Vivo, Realme, and OnePlus, dominate the Indian smartphone market with a near 75% volume share, the near-absence of well-known Chinese companies from the export basket is not a new phenomenon.

Chinese businesses have been under pressure from the government to increase their exports from India. However, the appeal has not been met with much success up to this point because the majority of their commitments abroad are currently being met through the factories in China, where they have their headquarters and home market.

"India is well headed to turn into a forerunner in the cell phone market of the world and assume a significant part in India's electronic commodities," said gadgets and IT serve Ashwini Vaishnaw.

Information delivered by India Cell and Gadgets Affiliation (ICEA) showed that cell phone trades had even outperformed the underlying evaluations of Rs 75,000 crore focused on for FY23 (over Rs 45,000 crore sent out in FY22), particularly after Apple gave a significant push to shipments.

Apple has brought in its top manufacturers, Foxconn, Wistron, and Pegatron, to invest and expand in India in accordance with a China-plus-one manufacturing strategy that is led by a significant push from the government. It is assessed that its portion in cell phone trades was almost half of all out shipments, or around $5.5 billion.

It is estimated that Samsung shipped approximately $4 billion worth of shipments from India, where it held the lead in phone exports until the previous year.

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