India exports 5 billion mobile phones |
Indian Prime Minister Narendra Modi has expressed happiness over mobile phone exports getting more than double year on year from April to October of this fiscal. The mobile phone exports raced past the 5-billion-dollar mark within seven months, which is more than double of the 2.2 billion dollars that India clocked in the same period last year. In reply to a tweet of Minister of State for Electronics and IT Rajeev Chandrasekhar in this regard, Modi said that India continues to make strides in the world of manufacturing. It is expected that at the current pace, exports from India will surpass the entire Fiscal Year 22 figure by early December itself, and end the Fiscal year 2023 in the 8.5-9 billion dollars range. India exported mobile phones worth 5.8 billion dollars in the Financial Year 2022. Backed by the production-linked incentive ( PLI ) scheme, Apple and Samsung contribute over 90 percent of India`s mobile phone exports. As exports grow, India also reduced dependency on mobile imports to around five percent in FY22, from as high as 78 percent in 2014-15. India aims to export cell phones worth 60 billion dollars by 2025-26. The PLI scheme has attracted the world`s largest mobile phone companies - such as Apple to expand operations and set up new bases in India.
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