Mobile phone exports from India to touch $5.5bn

The unprecedented increase in smartphone exports is a tribute to government-industry partnership under the most trying circumstances. The government led with its vision and trust in the mobile industry. The industry, in turn, has redefined Atmanirbhar Bharat as Make in India for the World. As per the recent report, Mobile phone exports from India will increase by 75 per cent from $3.16 billion in 2020-21 to over $5.5 billion in the current fiscal. After an uncertain start in 2020, owing to multiple Covid waves, the industry stabilised operations in 2021 and has delivered results that exceed expectations. The primary driver of this outstanding performance is the smartphone PLI Scheme launched on April 1, 2020, aimed at shifting GVCs to India and increasing India's share in global exports. The increase in mobile phone exports also marks an important shift in the export basket which is gradually transforming from primary commodities to more value-added, high-end products driven by technology industries. The smartphone PLI saw participation from five global companies -- Samsung, Foxconn Hon Hai, Rising Star, Wistron and Pegatron -- and Indian champions, including Lava, Bhagwati (Micromax), Padget Electronics, UTL Neolyncs and Optiemus Electronics.

The Indian smartphone market witnessed high consumer demand in 2021, making it the best-performing year. This feat came in a year that witnessed supply constraints due to a multitude of reasons – a second and more virulent COVID-19 wave, global component shortages and price hikes due to these shortages. The high replacement demand fuelled by increasing smartphone affordability in the mid and high-price tiers due to promotions and discounts, as well as better financing options, led to an 11% YoY growth in 2021. The PLI scheme has been a great booster for the Indian mobile manufacturing ecosystem, attracting top players like Apple and Samsung to increase their ‘Make in India’ footprint and make India their export h

#Tatagroup#BhartiAirtel#samsung#Airtel#RisingStar#Telecom#Bhagwati#Varindia#ipl2022#AtmanirbharBharat#varindianewshour#TataTeleservices#SmartphoneExportsinIndia#Covidwaves#FoxconnHonHai#includingLava#TataPRODUCTS#AvaadaKNShorapur

Technology