India's smartphone exports soar to Rs 2 lakh crore in FY 2024-25
India's smartphone exports reached a record Rs 2 lakh crore in FY 2024-25, a 54% rise from the previous year. Electronics Minister Ashwini Vaishnaw noted that iPhone exports accounted for Rs 1.5 lakh crore, underlining the rapid expansion of India's electronics industry.
India is growing rapidly in the export of smartphones. Electronics and Information Technology Minister Ashwini Vaishnaw said during the press conference that India's smartphone exports crossed Rs 2 lakh crore in the last financial year 2024-25. This has reached a historic milestone. Smartphone exports have crossed a new record of Rs 2 lakh crore, making smartphones among the first items to be exported from India. Smartphone exports show a growth of 54% compared to FY 2023-24. Of this growth, iPhone exports are worth about Rs 1.5 lakh crore.
Speaking about the historic growth of India's electronics sector in the last decade, Prof. Ashwini Vaishnaw said that electronics manufacturing has grown more than five times in the last 10 years. At the same time, electronics exports have increased by more than six times. The production is growing at a CAGR of over 17%. Exports are growing at a CAGR of over 20%. India started with finished goods, then moved to assembly and now moving towards parts.
Minister Ashwini Vaishnaw announced that notification will be issued for the Electronics Component Manufacturing Scheme. The Union Cabinet approved a production-linked incentive scheme with a funding of Rs 22,919 crore to make India self-reliant in the electronics sector. Ashwini Vaishnaw said that after the notification is issued, the process of consultation with industries will begin to formulate guidelines for the implementation of the scheme.