India is experiencing remarkable growth in electronics exports, primarily driven by increased production and exports from major smartphone manufacturers. According to data from the India Cellular and Electronics Association (ICEA), electronics exports from India reached a record high of over $20 billion in the first nine months of fiscal 2024 (April 2023 to March 2024), marking a notable growth of 22.24%. Handsets constituted 52% of these exports, with the ICEA anticipating a further increase in handset exports to $14-15 billion by the end of March 2024.
Of particular significance, smartphones accounted for a significant portion of India's handset exports and contributed substantially to total electronics exports during this period. As a result, electronics have become one of the leading export products in India as of December 2023. Notably, suppliers such as Foxconn, Pegatron, and Wistron have played a significant role in handset exports, surpassing other prominent players in the industry.
Leading companies in the smartphone manufacturing sector are looking to boost their production in India, capitalizing on the favorable conditions provided by the government's Production Linked Incentive (PLI) scheme. These efforts aim to strengthen India's position as a key player in the global electronics market.
The positive trend in electronics exports from India is expected to continue, reflecting the success and growth of the smartphone manufacturing sector in the country.