The government’s Production Linked Incentive (PLI) led to the doubling of electronics exports (to $24 billion) over FY21-23.
Electronic goods, led by smartphones, were the sixth-largest commodity group in India’s goods exports last fiscal, ahead of ready-made garments for the first time, and had a share of over 5% in the total merchandise exports.
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The growth was powered by exports of smartphones which grew to $11 billion in FY23 from $0.4 billion in FY14 as companies such as Apple and Samsung moved manufacturing facilities to India as a part of China +1 strategy.