Electronics exports jump 28% to $15.48 billion during April-Oct Regards

According to Export Import Data, electronics exports increased by 27.7% to $15.48 billion between April and October of this fiscal year, according to government and industry figures. In the previous fiscal year, it was $12.1 billion.

The growth in mobile phone exports accounted for $3 billion, or 88%, of the $3.4 billion year-on-year increase in electronics exports during this period. The iPhone shipment was the largest contributor, accounting for a third of India's electronics exports at $5 billion.

According to industry sources, overall mobile phone shipments climbed 60% to $8 billion during the seven-month period, up from $4.97 billion the previous year. Meanwhile, iPhone shipments of $5 billion within the same period have already surpassed the whole export figure for FY23.

"Today, India has entered the global value chain for mobile phones and electronics." "We are now considering an export-led growth strategy rather than simply import substitution and looking at our needs," Vaishnaw said. "A great opportunity has come our way, and we have reached a level where we can rapidly grow our exports," he stated.

Among India's top ten export sectors, electronics grew the most (8.14%), followed by medications and pharmaceuticals (8.14%), and cotton yarn/fabrics/made-ups (5.65%).

Mobile phone exports more than doubled between FY22 and FY23, thanks to the introduction of the production-linked incentive programme, which drew global heavyweights like Apple, Samsung, and Bharat FIH (Foxconn) as well as Indian companies.