The country’s mobile phone production in value terms has topped Rs 19.45 trillion in the last 10 years, from FY14 to FY24, data from the India Cellular and Electronics Association (ICEA) showed on Thursday.
The industry has set a goal of mobile phone production worth Rs 20 trillion.
In terms of volume, India produced 2.45 billion units of mobile phones during this 10-year period, against a goal of 2.5 billion units, according to ICEA.
In the last few years, the growth in mobile phone production has been fuelled by the smartphone production-linked incentive (PLI) scheme. Companies such as Apple and Samsung are the major beneficiaries of the PLI scheme, and have been locally manufacturing their smartphones through contract manufacturers.
In FY15, the mobile phone production was at Rs 18,900 crores, which is estimated to have touched Rs 4.1 trillion in FY24, registering an increase of 2000%.
The mobile phone exports from India which were worth Rs 1,556 crores in FY15, is estimated to touch Rs 1.2 trillion in FY24, a 7500% increase in exports over a decade, ICEA said.
“It is believed that the doubling of India’s GDP from the current $3.7 trillion to $7 trillion by 2030 will be led by growth in the digital sector and trade. In both these areas, electronics manufacturing led by mobile production will play a critical role,” said Pankaj Mohindroo, chairman at ICEA.
The cumulative exports of mobile phones during the period 2014-24 reached a total estimate of Rs 3.2 trillion.