India’s electronics manufacturing sector is projected to grow by 15% in 2024, reaching $115 billion. The production of mobile phones, holding the largest share in electronics manufacturing, is anticipated to exceed $50 billion by March 2024.
In the previous fiscal year, mobile phone production amounted to approximately $42 billion. According to government-shared figures, the domestic electronics manufacturing sector has grown fourfold over the last 10 years, reaching INR 8.22 lakh crore (approximately $102 billion).
Mobile Phone Export Target: $15 Billion Pankaj Mohindroo, President of the India Cellular and Electronics Association (ICEA), stated that the current fiscal year’s mobile phone exports could surpass $15 billion (INR 1.24 lakh crore), representing an increase of over 35% compared to the previous fiscal year. ICEA estimates that during the April to November period of the current fiscal year, mobile phone exports exceeded $9 billion, whereas during the same period of the previous fiscal year, it was $6.2 billion.
Hopes for Reaching $115 Billion in Electronics Export During the April to November period, electronics exports also increased by 28%, reaching INR 1,46,584 crore (approximately $18.7 billion). While mobile phones accounted for $11.1 billion in the previous fiscal year’s estimated electronics exports of $23.6 billion, the expected electronics export for the fiscal year 2023-24 is $26 billion, with mobile phone exports expected to reach up to $15 billion. ICEA predicts that mobile phone exports will contribute approximately 58% to the total electronics exports in the fiscal year 2023-24, compared to approximately 47% in the previous fiscal year.
These promising figures indicate the significant growth and potential of India’s electronics manufacturing sector, particularly in mobile phone production and exports.
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